Petrobras said in a statement to the market that it continues to monitor the unfolding of the surge in oil in its business.

Petrobras said late on Wednesday that it is seeking to avoid passing on the jump in oil prices after Russia’s invasion of Ukraine to fuel prices at its refineries.

Petrobras said, Petrobras executives would seek government approval to raise fuel prices, with the gap between international oil prices and local fuel quotes seen at around 30%.

Petrobras said in a statement to the market that it continues to monitor the unfolding of the oil surge in its business, seeking to avoid passing the short-term volatility caused by conjunctural events to its local prices.

The company has faced intense pressure to abandon its current method of pegging domestic diesel and gasoline prices to international quotations.

President Jair Bolsonaro recently criticized the pricing policy, suggesting that the company’s profits were too high and that the company should better protect consumers from price increases.

Petrobras said in the statement that it is also providing technical advice as Congress discusses ways to prevent fuel prices from rising.

On Wednesday, a series of inter-ministerial meetings to discuss possible fuel subsidies ended without a decision.

The focus thus shifted to a vote in the Senate altering the calculation of the state ICMS tax on fuel.

“At this moment, several bills are being discussed in the National Congress that address the issue of fuel prices. In this context, the company clarifies that it helps and supports the discussions with technical positions, and in a transparent way”, said Petrobras.