Petrobras announced on 14 October 2016 it will reduce the refinery price of diesel by 2.7 percent and gasoline by 3.2 percent, effective on 15 October 2016 (Valor, Folha de S. Paulo). The announcement came as the semi-public oil giant announced a change in its pricing policy, which will reflect “international parity,” or prices reflective of those of global fuel markets. According to company officials, this new policy takes into account the growing volume of imported oil, which reduces Petrobras’ market share in Brazil, and the volatility and seasonality of global petroleum and derivatives markets. It foresees price revisions at a frequency of at least once per month. The company noted these price reductions may or may not pass to consumers; however, analysts have estimated gasoline prices at the pump may fall by 1.4 percent, while those of diesel may fall by 1.8 percent.