PETROPERÚ prices are in line with those of other countries in the region

In the face of journalistic versions about comparisons of fuel prices in Peru and other countries in the region, we clarify the following:

1. The fuel list prices of PETROPERÚ are basically the same as in the other refineries of fuel importing countries in Latin America. These prices –called “import parity prices”– are formulated by supply and demand in the Gulf Coast of the United States, as this is the relevant market, and are then replicated in all the refineries of the importing countries in the region, considering logistics costs applicable to each reality.   
2. In this sense, we specify that the behavior of PETROPERU's list prices is related to the "parity prices" of other fuel importing countries. Below are the graphs where it can be noticed that the PETROPERÚ list prices are similar and have followed the same trend as those of said countries so far this year.

Graph No. 1 shows the trend in Peru and Chile for Regular Gasoline, which in the PETROPERÚ price list is similar to that of Gasoline 90:

COMPARATIVE GRAPH No. 1

PETROPERU List Price vs. Chile Import Parity Price (without taxes)

Source: ENAP website. Own elaboration. It does not consider the inclusion of fuel alcohol. Regular Gasoline Chile 93 octane, Premium Gasoline Peru 92 octane.

In the case of the comparison with the price of diesel, the trend is repeated so far this year, both for Peru and for Chile, maintaining the similarity as shown below:

COMPARATIVE GRAPH No. 2 DIESEL

PETROPERU List Price vs. Chile Import Parity Price (without taxes)

*PETROPERU Diesel List Price + FEPC Compensation Factor

Source: ENAP website. Own elaboration. Does not consider inclusion of Biodiesel. Prices without taxes.

Similarly, when compared to import parity prices in Uruguay, the trend is similar throughout 2022, for both gasoline and diesel:

COMPARATIVE GRAPH No. 3

PETROPERU List Price vs. Uruguay Import Parity Price (without taxes)

1. 

   

   *PETROPERU Diesel List Price + FEPC Compensation Factor

   Source: URSEA website. Own elaboration. It does not consider the inclusion of biofuels. Prices without taxes.

   1. In relation to the report published in some communication media that takes the GlobalPetrolPrice site as its source, and that indicates that the country would have one of the highest prices in Latin America, we specify that these calculations correspond to the final price to the consumer in Service Stations, where PETROPERU does not participate. The differences between the list price of PETROPERÚ (Supply Plants) and those paid by the end user at service stations (faucets) correspond to additional costs, that is, taxes, transportation costs (freight), operating costs of the faucet, as well as the margin of service stations, over which our Company has no control.
   2. Likewise, with regard to the comparisons of PETROPERÚ prices with those published by OSINERGMIN, we clarify that the information on PETROPERÚ's lists used for this analysis does not consider the commercial discounts granted to clients, nor any methodological differences that are reflected in the determination of international freight and the greater demurrage due to port closures due to abnormal waves, among other factors that explain the gap between both calculations. That is why the OSINERGMIN prices –as expressly stated by said entity– are referential.