Brazilian state-controlled company Petrobras saw net profits down in the first quarter of 2023, as revenues from oil products in the domestic market fell, influenced by lower sales volumes and lower demand for diesel and gasoline.

Petrobras also announced the payment of 24.7 billion reais ($5 billion) in dividends to shareholders, continuing a policy that has been heavily criticised by Brazilian President Luiz Inacio Lula da Silva but which is standard procedure according to the company’s statute.