Washington, D.C. 20549






Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of March, 2019

Commission File Number 1-15106




(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation—PETROBRAS

(Translation of Registrant’s name into English)



Avenida República do Chile, 65

20031-912 - Rio de Janeiro, RJ

Federative Republic of Brazil

(Address of principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒




Petrobras announces changes in diesel pricing

Rio de Janeiro, March 26, 2019 - Petróleo Brasileiro S.A. - Petrobras informs that yesterday its Executive Board approved a change in the frequency of diesel prices adjustment.

Diesel prices at the company’s refineries, which correspond to around 54% of the final consumer prices, will be adjusted by periods of not less than 15 days. Petrobras will continue to use protection mechanisms, such as hedge with derivatives, aiming to preserve the profitability of its refining operations.

The company will keep complying with import parity prices (IPP), thus refraining from practices that could represent the exercise of monopoly power, since it owns 98% of Brazil’s refining capacity.

In this regard, it should be noted that a research covering 163 countries - see Globalpetrolprices.com - reveals that the diesel price to the final consumer in Brazil is 18% lower than the global average, placing it at the 57th position, therefore lower than the prices noted in 106 countries.

The principles guiding the practice of competitive prices are maintained, such as import parity price (IPP), margins to pay for the risks inherent to the operation and level of market share.

Finally, Petrobras informs that its subsidiary Petrobas Distribuidora S.A. (BR) is developing a payment card to implement over an estimated period of ninety (90) days that will enable the purchase of diesel by truckers at a fixed price at the BR branded stations (Truck Driver Card). The Truck Driver Card will serve as an option to protect against price volatility, thus ensuring stability when traveling.





PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | e-mail: petroinvest@petrobras.com.br

Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro, RJ | Phone: 55 (21) 3224-1510 / 3224-9947


This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. The forward-looking statements, which address the Company’s expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The Company’s actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following: (i) failure to comply with laws or regulations, including fraudulent activity, corruption, and bribery; (ii) the outcome of ongoing corruption investigations and any new facts or information that may arise in relation to the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk management policies and procedures, including operational risk; and (iv) litigation, such as class actions or proceedings brought by governmental and regulatory agencies. A description of other factors can be found in the Company’s Annual Report on Form 20-F for the year ended December 31, 2017, and the Company’s other filings with the U.S. Securities and Exchange Commission.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 26, 2019.


    By:   /s/    Rafael Salvador Grisolia        
      Rafael Salvador Grisolia
      Chief Financial Officer and Investor Relations Officer