Shares of Vibra down on report Petrobras eyeing fuel retailing
Vibra's shares slipped 2.5%, making the company the worst performer on benchmark stock index Bovespa (.BVSP), opens new tab, which was trading near flat. Petrobras shares dropped around 0.5%.
Two people familiar with the matter told Reuters on Thursday that Petrobras had no plans to return to retailing fuel.
One of the sources noted that the oil giant has a non-compete clause with Vibra, a former Petrobras subsidiary, until 2029. The source added that even if the matter were to come up during a board meeting, that clause would stifle any action.
Petrobras did not immediately reply to a request for comment.
Vibra is one of the largest fuel distributors in Latin America, operating a chain of Petrobras-branded gas stations and also selling fuel directly to companies.
Previously known as BR Distribuidora, the firm was spun off from Petrobras and privatized in 2019 under former President Jair Bolsonaro, as the state-run firm sold assets to focus on its oil exploration and production business.
Leftist President Luiz Inacio Lula da Silva has called that move a grave mistake and often criticized fuel retailers for not lowering prices at the pump even when Petrobras, which controls most of Brazil's oil refining, cuts its prices to distributors.
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