Petrobras Weighs Return to Fuel Retailing After Lula Hits Pump Prices

Petrobras is considering re-entering Brazil’s retail fuel market, four years after selling control of its former distribution arm, now called Vibra Energia. People familiar with the matter said the state-controlled oil producer’s board will meet this week to examine changes to the 2026-2030 strategic plan that would restore a direct presence at service stations. The move follows public complaints from President Luiz Inácio Lula da Silva and Petrobras chief executive Magda Chambriard that wholesale price cuts for gasoline and diesel are not reaching consumers. Options under discussion range from acquiring a minority stake in Vibra to attempting to regain control of the company or creating a new retail network through partnerships. Lula argues that several layers of intermediaries created after the 2021 privatisation of BR Distribuidora keep pump prices high, citing the example of a 13-kilogram cooking-gas cylinder that leaves Petrobras at R$37 but sells for R$140 in distant states. Brazil’s attorney-general’s office has opened an investigation into possible anti-competitive practices among fuel distributors and retailers. Vibra retains rights to the Petrobras brand at its stations until 2029, but the oil producer signalled last year it does not intend to renew the licence on current terms—a further indication it may be planning a return to the forecourt.