The Minister of Energy and Mines, Luis Bravo, assured today that the reorganization strategy of the state oil company Petroperu will not generate fuel shortages.
"All this strategic work that is being carried out is aimed at the company's operations, and these must not stop in order to avoid any type of shortage, which is ruled out," he said on Radio Nacional.
"There cannot be shortages because Petroperu supplies 26% of the fuel demand, and private companies can easily absorb it without any problem," he added.
Luis Bravo also ruled out any increase in fuel prices, emphasizing that Petroperu's operations are being prioritized.
“This would constitute price fixing or other mechanisms between private parties, which is prohibited under the established parameters and would be punished immediately. However, we are prioritizing the company's operations so that it has crude oil, refines it properly, and transports it,” he explained.
“We are prioritizing certain areas, such as the Loreto and Ucayali regions, because Petroperu, through its refinery, is obviously the main supplier there,” he added.
The minister detailed that the strategy for Petroperu consists of two clear parts: asset reorganization and organizational restructuring.
“Asset reorganization is not privatization, nor is it even remotely similar. Privatization involves a completely different process. Our company, the company of all Peruvians, which until a few years ago was a source of pride and a symbol of a healthy organization, has now declined due to corrupt officials who will have to answer for it in due course,” he asserted.
“The other part of the strategy is organizational restructuring because there are more than 30 management positions at Petroperu; we have management for everything. I come from an electric company where the organizational structure starts with a general manager, and then there are administrative, technical, commercial, and perhaps even legal departments. Therefore, the board of directors has 30 days to propose a restructuring of the management team,” he said.
Luis Bravo noted that Petroperu has accumulated losses of 1.6 billion soles (around $ 476 million) between 2022 and 2024, and that these losses would increase in 2025.
“The State has been allocating more than 17.8 billion soles (around $ 5.3 billion) in various financial support measures, and this situation cannot continue. It is unsustainable for us to continue leveraging and allocating resources from the national treasury to save a company that has clearly become inefficient due to many factors, including, for example, personnel expenses,” he explained.
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(END) CNA/JJN / MDV
Published: 1/2/2026