Uncategorized

Petrobras Third Phase of the Temporary Diesel Price Subvention Program

Rio de Janeiro, August 7, 2018 – Petróleo Brasileiro S.A. – Petrobras, further to the material facts disclosed on 5/28/18, 6/1/18 and 6/8/2018, informs that its Board of Directors, after deliberation of the Executive Board and following internal governance for approval, approved in a meeting held yesterday the company’s adhesion to the 3rd phase of the economic subvention program for the commercialization of diesel, established by Provisional Measures no. 838/2018 and no. 847/2018 and regulated by Decree no. 9,454, dated of August 1, 2018.

The Decree establishes the Program guidelines for the period between August 1 and December 31, 2018 (3rd phase) and defines six periods of subsidy calculation, the first of which from August 1 to August 30, 2018, restricting the subsidy to diesel for road use only.

For this first period, the same calculation and compensation conditions established in the 2nd phase of the Program were maintained, except for the reference price, which incorporated the residuals related to positive differences higher than R$ 0.30/liter and tax adjustments from previous periods. For the subsequent calculation periods, the reference price will be set by ANP, according to the criteria established in the abovementioned laws.

The company will continue the economic analysis of the subvention program for the subsequent periods.

As for the subsidy payment procedure, the Decree authorizes ANP to perform a simplified documentation check procedure by sampling, reducing the complexity in document confirmation when compared to the previous phases.

Facts deemed relevant on this issue will be timely disclosed to the market.

Categories: Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s