Petrobras (NYSE: PBR) opts into Brazil’s new diesel subvention plan

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors approved the company’s adherence to Brazil’s new economic subvention program for road diesel oil commercialization, created by Provisional Measure No. 1,340 of March 12, 2026. Participation in this diesel subsidy program is optional, and the company states that joining is compatible with its interests.

The adherence will only become effective after the related regulatory instruments on the reference price are published and analyzed by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras emphasizes that it will maintain its commercial strategy focused on market share, optimization of refining assets, and sustainable profitability, aiming to avoid passing short-term swings in international prices and exchange rates directly into domestic fuel prices. The company states that adherence preserves its flexibility in implementing this strategy and reiterates its commitment to responsible, balanced, and transparent conduct.

Insights

Energy policy and state-owned enterprises analyst

Petrobras joins Brazil’s new diesel subvention program while stressing that its pricing strategy and flexibility remain intact.

Petrobras has approved participation in Brazil’s economic subvention for road diesel created by Provisional Measure No. 1,340 on March 12, 2026. This program is optional, and the company explicitly frames adherence as compatible with its interests, signaling alignment with federal policy on fuel pricing support.

The agreement only becomes effective after Brazil’s ANP publishes and Petrobras analyzes regulatory instruments tied to a reference price, so operational details depend on that future regulation. Petrobras underscores continuity of its commercial strategy, seeking sustainable profitability, optimized refining, and insulation of domestic prices from cyclical swings in international oil prices and exchange rates.

Because the company states that flexibility in implementing its commercial strategy is preserved, this development appears more like a policy-framework adjustment than a clear shift in fundamentals. Subsequent disclosures on ANP rules and how the reference price works will be key to understanding any concrete financial impact on diesel margins and cash flows.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – 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 ___X___ 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___X____

 

Petrobras announces adherence to the economic subvention for diesel oil commercialization

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Rio de Janeiro, March 12, 2026 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors, at a meeting held today, approved the company’s adherence to the economic subvention for the commercialization of road diesel oil in Brazil’s national territory, established by Provisional Measure (MP) No. 1,340, dated March 12, 2026.

Given the optional nature of the program and its potential additional benefit, this adherence is considered compatible with the company’s interests.

The effective signing of the adherence agreement will be subject to the publication and analysis of regulatory instruments by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) related to the reference price, which are necessary for the operationalization of the economic subvention.

It is important to note that Petrobras maintains its commercial strategy, taking into account its market share, the optimization of its refining assets, and profitability on a sustainable basis, avoiding the transfer to domestic prices of the cyclical volatility of international prices and of the exchange rate.

This adherence preserves the company’s flexibility in implementing its commercial strategy. Petrobras remains committed to responsible, balanced, and transparent conduct.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

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 12, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer

FAQ

What did Petrobras (PBR) announce regarding Brazil’s diesel subvention program?

Petrobras announced that its Board approved adherence to Brazil’s new economic subvention for road diesel oil commercialization created by Provisional Measure No. 1,340. The company describes participation as optional and compatible with its interests, aligning with the national framework for diesel pricing support.

Is Petrobras’s adherence to the diesel economic subvention program already effective?

No. Petrobras states that effective adherence depends on publication and analysis of regulatory instruments by Brazil’s ANP related to the reference price. Only after these rules are issued and reviewed will the adherence agreement be operational for diesel commercialization.

How does the diesel subvention program affect Petrobras’s pricing strategy?

Petrobras emphasizes that it maintains its commercial strategy focused on market share, refining optimization, and sustainable profitability. It aims to avoid directly passing cyclical volatility in international prices and exchange rates into domestic diesel prices, and says adherence preserves its flexibility to apply this strategy.

Why does Petrobras (PBR) consider joining the diesel subvention compatible with its interests?

The company highlights the optional nature of the program and its potential additional benefit, stating that adherence is compatible with its interests. It also stresses preserved flexibility in commercial decisions, suggesting it can participate in the framework without abandoning its profitability-focused pricing approach.

What role does Brazil’s ANP play in Petrobras’s diesel subvention adherence?

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) must publish regulatory instruments defining the reference price for the program. Petrobras will analyze these instruments, and only then will it sign the adherence agreement that operationalizes participation in the economic subvention for road diesel.