Efeitos da privatização da Liquigás Distribuidora sob três óticas: consumidor, firma e mercado

Abstract

This study aims to evaluate the impact of the privatization of Liquigás Distribuidora S.A., a Liquefied Petroleum Gas (LPG) distribution company, from three perspectives: consumer, firm, and market. From the consumer perspective, the variable of interest to be evaluated is the price paid by consumers for purchasing a 13-kg LPG cylinder from Liquigás. From the firm perspective, the analysis focuses on the price paid by Liquigás-branded resellers when purchasing 13-kg LPG cylinders. Additionally, the impact of the privatization on the markup of these branded resellers is assessed. From the market perspective, the variable of interest is the volume of LPG sold by the distributor in containers of up to 13 kg. To measure the impact, the Synthetic Control Method was applied in conjunction with data provided by the National Agency for Petroleum, Natural Gas, and Biofuels (ANP), the Brazilian Federal Revenue Service, and the Annual Social Information Report (RAIS) at the firm level, covering the period from January 2019 to December 2023. Overall, the results regarding the impact of the privatization of Liquigás Distribuidora S.A. were either not significant or of low magnitude. For instance, the estimated impact on the price paid by branded resellers was an increase of approximately BRL 1 per 13-kg LPG cylinder. The exception was the results related to the variable "quantity sold,"which indicated a significant effect resulting from the policy. These findings provide evidence regarding the effectiveness of Petrobras’ divestment policy and Brazil’s antitrust policy. After the privatization process, no significant deterioration in consumer welfare, reseller supply conditions, or the competitive environment of the LPG sector was observed.