Petróleo Brasileiro S.A. – Petrobras, informs that its Board of Directors, at a meeting held today and in line with the continuous improvement of its governance, approved the Guideline for Price Formation in the Domestic Market (Guideline). The Guideline reiterates the Executive Board’s competence in executing pricing policies, preserving and prioritizing the Company’s economic result, seeking to maximize its value creation. Furthermore, the Guideline incorporates an additional layer of supervision of the execution of the pricing policies by the Board of Directors and the Fiscal Council, based on the Executive Board’s quarterly report, formalizing an already existing practice.
The procedures related to the execution of the price policy, such as the periodicity of the product price adjustments, the percentages and values of such adjustments, the convenience and opportunity in relation to the decision of price adjustments remain under the competence of the Executive Board.
It is worth pointing out that the aforementioned approval does not imply any change to the current price policies in the domestic market, aligned to international prices, nor to the Company’s Bylaws.