en.Wedoany.com Reported - The federal government's subsidy on diesel for Petrobras reached R$9.7 billion in the second quarter, equivalent to 25.4% of the company's domestic diesel sales revenue of R$38.2 billion. This figure is detailed in the state-owned enterprise's financial report for April to June, released to the market on Thursday evening (6th).
For the company itself, Petrobras expects to receive a total of R$11.3 billion in subsidies related to the production and import of diesel, gasoline, and liquefied petroleum gas (LPG) in the first half of the year, with the actual execution period spanning from March to June. This amount includes payments already made and those yet to be transferred by the government. As the centerpiece of the aid policy launched by the government in March, diesel subsidies account for 92% of the total amount the company expects to receive, totaling R$10.4 billion; gasoline and LPG subsidies are more recent, amounting to R$816 million and R$84 million, respectively.
Looking at overall operations, Petrobras' total domestic sales of petroleum derivatives in the first six months of this year reached R$159.4 billion, with subsidy revenue representing 7% of this business income. In the second quarter alone, the effect of government aid was more pronounced, with this share rising to 11.8% (R$10.6 billion against R$89.5 billion).
The National Agency of Petroleum, Natural Gas and Biofuels (ANP), which oversees the program, stated on Monday (3rd) that as of July, aid to the entire industry—including Petrobras and other private refiners and importers—had actually utilized R$7.03 billion in public funds, almost entirely allocated to diesel, with an additional R$43 million for LPG. The ANP did not mention expenditures related to gasoline, possibly because the program adopts a different format for gasoline, namely a "cashback" of part of the federal tax burden.
There is a significant discrepancy between the amounts listed by the ANP and those on Petrobras' balance sheet. This is related to the company's accounting logic (which includes future values) and the payment dynamics of the program. The program is retroactive, gradually covering 15-day periods from previous months. When the government delays payments, Petrobras makes projections of future revenue based on actual operations. A company source confirmed that most of the subsidies related to the second quarter will only be paid in the third quarter (July to September). This is also reflected in the financial report: "Operating cash flow in the second quarter was negatively impacted by R$15.8 billion due to working capital effects, mainly resulting from an increase in accounts receivable (including amounts related to the fuel subsidy program) and a decrease in accounts payable."
The format and amounts of the government subsidy program have been adjusted in recent months. Currently, the diesel subsidy remains at R$1.12 per liter (previously R$1.47/liter), the gasoline subsidy is R$0.44 per liter, and the LPG subsidy is R$850 per ton, equivalent to R$11.05 per 13-kg cylinder.
