EPE publishes February 2023 Brazil’s Short-Term Fuel Market Outlook

Brazilian demand for fuel will keep growing in 2023 and 2024, although in a slower pace. The main reasons for the increasing demand are the growth of agribusiness (with record crop projections for 2022/23) and mobility. Diesel has the most prominent increase. 

In the December edition, EPE projects growth for 2023 of 3.1% in sales of diesel oil, 2.4% in gasoline, 2.5% in hydrous ethanol, 14% in Jet, and a 1.4% growth in LPG. The offer of domestic flights has recovered pre-pandemic levels. Prices and exchange rates still affect jet fuel consumption, though, especially in international flights. Brazilian airways have announced the acquisition of new airplanes and expansion of their operations, aiming to increase the offer of flights in the near future. Demand is expected to reach pre-pandemic levels between the end of 2023 and the early months of 2024. 

For Otto cycle fuels, EPE estimates that the growth in 2023 and 2024 continues and the share of gasoline will be in the same level. The recovery of the sugarcane harvest, together with the consistent increase in the production of corn ethanol, contributes to expanding the supply of this biofuel. 

Click here and read the February 2023 edition.

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