PETROPERU rules out overpricing of its fuels

Faced with journalistic versions about supposedly high margins of PETROPERÚ's fuel prices, which would allow it to face the indebtedness acquired for the construction of the New Talara Refinery, the company specifies:

1. PETROPERÚ's price lists at the Supply Plant level and that of its main competitor have followed the same trend as international prices, so it is not true that PETROPERÚ is constantly increasing its prices to pay its indebtedness.

As can be seen in graph No. 1, PETROPERÚ's price increase trend and that of its main competitor in Gasohol 90 and Gasohol 95 are similar throughout the year. It should be noted that they are list prices in Supply Plants.

Chart No. 1

Evolution of PETROPERÚ List Prices (Supply Plants) vs. Main Competitor

Gashol 90 and Gashol 95

(without taxes)

Own elaboration. Does not include trade discounts.

As can be seen in Graph No. 2, in the case of Diesel B5 S50 UV, the list prices have been adapted to the provisions of the Ministry of Energy and Mines (MINEM) regarding the Fuel Price Stabilization Fund (FEPC), and they are similar in relation to their main competitor. Likewise, the increases recorded in the list price for Diesel for Vehicle Use (UV) so far this year are due to increases in the price band of the products subject to the FEPC.

Graph No. 2

Evolution of PETROPERÚ List Prices (Supply Plants) vs. Main Competitor

Diesel B5 S-50 UV

(without taxes)

Own elaboration. Does not include trade discounts.

1. So far this year, the geopolitical conflict between Russia and Ukraine and the imbalance between global fuel supply and demand have increased international gasoline prices by up to 84% and the international price of diesel by 85%, which is shows the following box:

Table No. 1

Increase in international fuel prices on the Gulf Coast of the United States

1. Fuels	31/12/2021	16/06/2022	Variación	Variación %
   Premium Gasoline	9.53	17.56	8.02	84%
   Regular Gasoline	9.20	15.03	5.83	63%
   Diesel	9.32	17.23	7.91	85%

   In Soles/Gallon

   Source: S&P Global Platts, 2022

   In the following table it can be seen that the variation in international fuel prices on the Gulf Coast of the United States is reflected in the list of prices of Gasohol, 97, Gasohol 95 and Gasohol 90 of PETROPERÚ in its Supply Plants. It should be noted that these fuels are not included in the FEPC. The same does not happen with Gasohol 84 and Diesel B5-S50 UV, where it can be seen that the price variation is much lower since these fuels are included in the FEPC.

   Table No. 2

   Lima Fuel Price Increase

   Supply Plant Lima (Conchán) and Callao (Callao Plant)

   Fuels	31/12/2021	16/06/2022	Variación	Variación %
   Gasohol 97	11.38	19.43	8.05	71%
   Gasohol 95	11.28	19.16	7.88	70%
   Gasohol 90	11.03	17.92	6.89	62%
   Gasohol 84 *	10.74	11.80	1.06	10%
   Diesel B5-S-50 UV *	10.06	13.50	3.44	34%

   In Soles/Gallon

   Source: PETROPERÚ Price List, does not include discounts and taxes

   Gasohol 84 and Diesel B5-S-50 UV are in the Stabilization Fund

2. It should be noted that PETROPERÚ has no influence on the setting of fuel prices towards the final consumer, since the prices are free and are set by the service stations.

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