Brazil is among the largest producers of ethanol and crude oil. Like other emerging countries, Brazil seeks to keep domestic prices for liquid fuels consistent with the international market. To evaluate Brazil’s policy of pricing petroleum products, price controls to curb inflation, and price liberalization (international parity), we analyze causal relations among domestic prices for hydrated ethanol, gasohol (anhydrous ethanol blended into gasoline), and gasoline, and the crude oil benchmark WTI during four sample periods. Before October 2016, flex-fuel vehicles make hydrated ethanol and gasohol substitutes, which creates a bidirectional causal relation between their prices. This causal relation disappears after October 2016. During this period, WTI and gasoline are the main source of new information for the price of hydrated ethanol.

巴西是乙醇和原油的最大生产国之一。像其他新兴国家一样，巴西力图使液体燃料的国内价格与国际市场保持一致。为了评估巴西的石油产品定价政策，遏制通货膨胀的价格控制和价格自由化（国际平价），我们分析了水合乙醇，汽油（掺入汽油的无水乙醇），汽油和汽油以及原油的国内价格之间的因果关系。在四个采样期间内基准WTI。2016年10月之前，弹性燃料汽车生产水合乙醇和汽油替代品，这在价格之间建立了双向因果关系。这种因果关系在2016年10月之后消失。在此期间，WTI和汽油是有关水合乙醇价格的新信息的主要来源。