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Petrobras (PBR) to Monitor Fuel Prices on a Daily Basis
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Brazil oil giant Petroleo Brasileiro S.A., aka Petrobras (PBR - Free Report) recently announced that its board of directors have approved to review fuel prices more frequently to compete with private importers. The company will now adjust the domestic gasoline and diesel prices on a daily basis, effective Jul 3.
The new plan will replace the policy introduced by the company in October of reviewing fuel prices on a monthly basis. The company believed that the previous pricing system was not sufficient to meet the increased volatility in oil prices and foreign exchange rates. Before October, the company reviewed its pricing occasionally and kept fuel prices low despite the high international fuel costs by subsidizing local consumption. This resulted in the company losing market share to imports.
Under the new policy, Petrobras’ marketing division will adjust diesel and gasoline prices, a maximum of 7% from a reference point. The reference price will include cost of imports, exchange rates, capacity utilization at refineries, taxes and margins. Any adjustment outside this range will require authorization from an internal committee. The new policy will review the international markets more closely and will enable Petrobras to compete more efficiently.
In a separate development, Petrobras announced that its production, refining and logistics operations suffered no disruptions amid a nationwide strike in Brazil.
Zacks Rank & Key Picks
Petrobras operates in segments like exploration, refining, marketing, transporting, distribution and biofuels. The company, under the Zacks categorized Oil & Gas Emerging Markets Integrated industry, currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the same industry space include Braskem S.A. (BAK - Free Report) , OMV AG (OMVJF - Free Report) and Delek Logistics Partners, L.P. (DKL - Free Report) .
OMV, a Zacks Rank #2 (Buy) stock has delivered an average positive earnings surprise of 100% in the last quarter.
Delek Logistics carrying a Zacks Rank #2, is expected to report year-over-year growth of 18.84% in its earnings in 2017.
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Petrobras (PBR) to Monitor Fuel Prices on a Daily Basis
Brazil oil giant Petroleo Brasileiro S.A., aka Petrobras (PBR - Free Report) recently announced that its board of directors have approved to review fuel prices more frequently to compete with private importers. The company will now adjust the domestic gasoline and diesel prices on a daily basis, effective Jul 3.
The new plan will replace the policy introduced by the company in October of reviewing fuel prices on a monthly basis. The company believed that the previous pricing system was not sufficient to meet the increased volatility in oil prices and foreign exchange rates. Before October, the company reviewed its pricing occasionally and kept fuel prices low despite the high international fuel costs by subsidizing local consumption. This resulted in the company losing market share to imports.
Under the new policy, Petrobras’ marketing division will adjust diesel and gasoline prices, a maximum of 7% from a reference point. The reference price will include cost of imports, exchange rates, capacity utilization at refineries, taxes and margins. Any adjustment outside this range will require authorization from an internal committee. The new policy will review the international markets more closely and will enable Petrobras to compete more efficiently.
In a separate development, Petrobras announced that its production, refining and logistics operations suffered no disruptions amid a nationwide strike in Brazil.
Zacks Rank & Key Picks
Petrobras operates in segments like exploration, refining, marketing, transporting, distribution and biofuels. The company, under the Zacks categorized Oil & Gas Emerging Markets Integrated industry, currently carries a Zacks Rank #3 (Hold).
Petroleo Brasileiro S.A.- Petrobras Price
Petroleo Brasileiro S.A.- Petrobras Price | Petroleo Brasileiro S.A.- Petrobras Quote
Some better-ranked players in the same industry space include Braskem S.A. (BAK - Free Report) , OMV AG (OMVJF - Free Report) and Delek Logistics Partners, L.P. (DKL - Free Report) .
Braskem sports a Zacks Rank #1 (Strong Buy). The company has delivered an average positive earnings surprise of 107.79% in the trailing four quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.
OMV, a Zacks Rank #2 (Buy) stock has delivered an average positive earnings surprise of 100% in the last quarter.
Delek Logistics carrying a Zacks Rank #2, is expected to report year-over-year growth of 18.84% in its earnings in 2017.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>