PETROPERÚ determines its prices according to variations in the international market

Given the latest journalistic information on the setting of fuel prices in the country, PETROPERÚ specifies the following:

1. In accordance with article 77 of the Organic Hydrocarbons Law (Law 26221), fuel prices are governed by supply and demand, that is, they are set by the free competition of the agents involved in the production or import of fuels. In this sense, the local demand for fuels is met by three national producers where PETROPERÚ is one more, in addition to seven importers, which guarantees the competitiveness of the market.
2. Fuel prices in the local market are determined based on the international price of the same fuel in the market that is taken as a reference (mainly Houston-Texas) so they do not depend on the price of oil, that is, the prices of gasoline in Peru depends only on international gasoline prices in the United States plus import logistics costs.

3. So far this year, the international price of WTI oil has increased by 19% while derivative products have increased by up to 45% as a result of the war and the lower world production of derivative fuels, as can be seen in the following table:

   International price of WTI crude oil and derived products

   Producto	31/12/2021	10/08/2022	Variación	Variación %
   Crudo WTI	77.0	91.9	14.9	19%
   Gasolina Premium	100.3	129.2	28.8	29%
   Gasolina Regular	96.9	122.9	26.0	27%
   Diesel < 50ppm	98.1	142.4	44.3	45%

   Expressed in US$/BI

4. In the same period, PETROPERÚ has increased the list prices with taxes of the Gasoholes of 97, 95 and 90 between 30% and 33%, in a very similar way to the international market. On the other hand, the price with taxes of Gasohol 84 and Diesel B5 S-50 UV have had a smaller increase due to the application of the Stabilization Fund, as detailed in the following table:

   Cumulative variation of list prices with PETROPERÚ taxes
   (Dec 31, 2021 - Aug 11, 2022)

   Producto	31-Dic	11-Ago	Variación
   			Soles/Galón	%
   Gasohol 97	15.84	21.0	5.14	32%
   Gasohol 95	15.71	20.9	5.22	33%
   Gasohol 90	15.43	20.0	4.58	30%
   Gasohol 84 *	15.13	15.7	0.61	4%
   Diesel B5 S-50 Vehicular *	13.98	15.9	1.95	14%

   (*) Fuels assigned to the Stabilization Fund
   In Soles/Gallon

5. It should be noted that during the months of July and August reductions have been made to the list prices of the Gasoholes of 97, 95 and 90, as can be seen in the following table. These variations respond to the reductions in the international fuel market:

   Reduction of list prices PETROPERÚ

   Fecha	Gasohol 97	Gasohol 95	Gasohol 90	Gasohol 84	DIESEL B5 S-50 UV	N° LISTA PETROPERÚ
   23/06/2022	26.4773	25.7509	22.5696	15.0379	15.9300	COMB-29-2022
   01/07/2022	25.8019	25.0500	23.1610	16.4775	15.9300	COMB-30-2022
   07/07/2022	25.4068	24.6932	22.9444	16.4775	15.9300	COMB-31-2022
   14/07/2022	24.8716	24.2216	22.5111	16.4775	15.9300	COMB-32-2022
   21/07/2022	23.3933	22.8708	21.3386	16.4775	15.9300	COMB-33-2022
   29/07/2022	23.3933	22.8708	21.3386	15.7384	15.9300	COMB-34-2022
   02/08/2022	22.1826	21.8130	20.4848	15.7384	15.9300	COMB-35-2022
   05/08/2022	21.7111	21.5072	20.3828	15.7384	15.9300	COMB-36-2022
   11/08/2022	20.9846	20.9337	20.0133	15.7384	15.9300	COMB-37-2022

   List Price with Taxes
   In Soles/Gallon

6. On the other hand, PETROPERÚ reiterates that there are methodological differences with the calculations made by OSINERGMIN, related to the international marker used, quality adjustments, determination of international freight, greater demurrage due to port closures due to abnormal waves, among other factors that explain the gap between the two calculations. For this reason, the prices of OSINERGMIN –as expressly indicated by said entity– are theoretical calculations that do not have to coincide with the realization price or actual import price, as they are referential.
7. Finally, it is necessary to specify that the service stations (pumps) affiliated with the PETROPERÚ brand are managed by private entities with their own commercial price policies.
8. PETROPERÚ reaffirms its commitment to have competitive prices and guarantees the supply of these at the national level.

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