Petrobras (NYSE:PBR) said Monday it will lower refinery gate diesel prices for the first time since December 2023, as local prices have moved above import parity.

The company said it will cut the price of diesel sold to distributors by 4.6% to 3.55 reais/liter (~$0.62) starting April 1, while also lowering jet fuel prices to distributors by an average of 7.9% and maintaining gasoline prices.

For most of this month, Petrobras' (NYSE:PBR) diesel prices have exceeded import parity and were 2% above it on Monday, according to the Abicom fuel imports association.

Separately, Petrobras (PBR) said it is partnering with Brazil's BNDES development bank to create a program to finance forest restoration initiatives in the Amazon region.

Under the ProFloresta+ program, Petrobras (PBR) said it will launch tenders to buy carbon credits from restoration projects, and winning bidders will be eligible for low-interest loans from BNDES to set up projects.