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May-14-2020

PETROPERU reports on fuel prices

PETROPERU reports on fuel prices

PETROPERÚ addresses public opinion to report the following:

  1. Fuel prices in the country are market prices and are determined by supply and demand, taking into account the policy of each market agent; It is NOT established by PETROPERU.
  2. In the local market, PETROPERU is one more supplier, among other producers and importers. PETROPERU mainly has a wholesale participation and does not have its own service stations.
  3. PETROPERU is gradually transferring the drop in the international oil and fuel prices to the local market. It is not possible to immediately reduce your prices for the following reasons:
  • The Company has acquired a large number of inventories (fuels) at prices higher than the current one, which were acquired opportunely in previous months, in line with our business policy of guaranteeing the supply of fuels at a national level, which today is more relevant to the fight against the COVID-19 pandemic.
  • The declaration of a State of National Emergency as a result of COVID-19, has determined an inevitable paralysis of much of economic activity and, consequently, a drastic reduction in fuel demand; both in the industrial sector and for private use. Currently, there is a slow turnover of inventories purchased in previous months at higher prices.
  • The Company does not only import oil but also intermediate products and gasoline, whose prices do not always have the same behavior as crude oil.
  • Additionally, for the determination of the prices for the final consumer, to the wholesale sale prices, must be added the taxes, the cost of distribution at the national and local level, as well as the costs of the service stations (taps), on the which PETROPERU has no interference.
  • PETROPERU will continue to gradually transfer the reductions in the international price of oil to the local market, respecting the above criteria and in line with its Policy for Setting Prices for Fuels in the Local Market, in order to continue operating and working in its plants to guarantee supply. permanent fuel supply to essential sectors for the fight against the COVID-19 pandemic.
  • Likewise, as soon as international prices show a recovery, PETROPERU will not immediately transfer the increases, since it is estimated to have inventories purchased at lower prices.
  • PETROPERU denies that the current pricing of its fuels has anything to do with financing the construction of the New Talara Refinery. This project has its own financing, a large part of which will begin to be paid when the new plant begins operations, through the own flows that the future operation of said refinery will generate.
  • In line with its transparency policy, PETROPERU publishes its price lists weekly on its Institutional Portal, which can be viewed by the general public https://www.petroperu.com.pe/productos/lista-de-precios-en-nuestras-plantas/.
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