Ipiranga

What Ipiranga does

Ipiranga Produtos de Petróleo S.A. is Brazil's largest fuel distributor, operating a nationwide network of more than 6,800 branded gas stations as a wholly-owned subsidiary of publicly-traded conglomerate Ultrapar Participações S.A. Founded in 1937 and headquartered in Rio de Janeiro, the company distributes gasoline, diesel, ethanol, and premium aditivated fuels under its Ipimax (Ipimax Pro, Ipimax Gasolina, Ipimax Etanol, Ipimax Diesel S10, Ipimax Pro Diesel Náutico, Ipimax Agro) and Original brands. The company claims over 1,000 daily quality tests on its fuels via mobile laboratories and supports franchise operations including AmPm convenience stores, Jet Oil auto service centers, and the Rodo Rede highway network.

Ipiranga generates revenue through wholesale fuel supply to franchisees, retail fuel margins at company-owned stations, lubricants (via its own line and the Iconic joint venture with Chevron, in which Ultrapar holds 54% and Chevron holds 46% and which commands 27.9% of Brazil's lubricants market as of October 2024), and franchise royalties from convenience and maintenance concepts. Business-to-business revenue streams include Ipiranga Empresas, Pró-Frotas fleet management with fuel cards, maritime diesel operations, and agricultural diesel solutions under Ipimax Agro. The Km de Vantagens (KMV) cashback loyalty program and digital channels (blog, social, email) support consumer engagement, while cultural sponsorships (Rock in Rio, sertanejo music) drive brand visibility.

In Q1 2026, Ipiranga posted BRL 1.7 billion in adjusted EBITDA as part of Ultrapar, with fuel retail margins expanding 60% to BRL 310 per cubic meter amid a 34% year-over-year rise in diesel pump prices. Chevron is in advanced negotiations to acquire a 30% stake from Ultrapar, building on the existing Iconic JV. The company is concurrently under regulatory scrutiny from Brazilian fiscal authorities over diesel pricing practices exceeding cost variations.

Name

Ipiranga

Legal name

Ipiranga Produtos de Petróleo S.A.

Website

https://portal.ipiranga

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ipiranga is Brazil's largest fuel distributor, operating over 6,800 branded gas stations nationwide as a subsidiary of Ultrapar, serving retail consumers, fleet operators, agricultural and maritime customers with premium Ipimax fuels, lubricants via the Iconic JV with Chevron, and AmPm/Jet Oil franchises.

Ownership category

akta.pro rank

Product category

Fuel Distribution and Retail

NAICS

Gasoline Stations (4571), Gasoline Stations and Fuel Dealers (457), Fuel Dealers (45721), Petroleum Lubricating Oil and Grease Manufacturing (324191)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Retail-Auto Dealers & Gasoline Stations (5500), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)

akta.pro secondary industries

Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE), Retail & E-commerce Lubricants Sales (Auto Parts, Quick Lube, Online) (EUALAJAF), Fuel Pricing, Loyalty & Payments Platforms (POS, Mobile Pay, Fleet Cards, Loyalty Programs) (EUALAIAK), Lubricants, Fluids & Chemical Products Distribution (Oils, Coolants, AdBlue/DEF, Cleaners) (TLAKAOAL)

Keywords

• Fuel distribution services
• Gas station network
• Automotive lubricants
• Convenience store franchising
• Fleet fuel management

Headquarters

HQ city

Rio De Janeiro

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Fuel Distribution: Sale of gasoline, diesel, ethanol, and premium fuels (Ipimax) through a network of over 6,800 gas stations across Brazil. Revenue generated from wholesale fuel sales to franchisees and retail sales at company-owned stations.
2. Lubricants and Fluids: Sale of automotive and industrial lubricants through Ipiranga's own product line and the Iconic joint venture with Chevron, which holds 27.9% market share in Brazil's lubricants market.
3. Franchise Operations: Revenue from franchise operations including AmPm convenience stores and Jet Oil auto service centers, providing recurring royalty and supply chain revenue streams.
4. Fuel Retail Margins: Profit from fuel retail margin expansion, with margins climbing 60% to BRL 310 per cubic meter. Ipiranga posted BRL 1.7 billion in adjusted EBITDA as part of Ultrapar's Q1 2026 results.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Ipiranga distributes and retails automotive fuels, lubricants, and convenience products through a network of more than 6,800 gas stations across Brazil. Its product portfolio spans premium additivated Ipimax fuels (gasoline, ethanol, diesel S10, marine diesel, and agro diesel), standard Original fuels tested over 1,000 times daily, a full line of lubricants, and complementary offerings including AmPm convenience stores, Jet Oil auto service franchises, and the KMV cashback loyalty program, alongside B2B fleet management and maritime fuel services.

Product overview

Ipiranga is Brazil's largest fuel distributor (controlled by Ultrapar Group) operating over 6,800 gas stations nationwide. The company offers a diversified portfolio of fuel products under two main brands: Ipimax (premium aditivated fuels including gasoline, ethanol, diesel S10, marine diesel, and agro diesel) and Original (standard fuels). Beyond fuels, Ipiranga provides lubricants through its own product line and the Jet Oil franchise service network, operates convenience store franchises under the AmPm brand, and runs the Km de Vantagens loyalty program. For business customers, Ipiranga offers fleet management solutions through Ipiranga Empresas and Pró-Frotas, as well as maritime fuel operations. The company also participates in the ICONIC lubricants joint venture with Chevron (54% Ipiranga, 46% Chevron), which holds 27.9% of Brazil's lubricants market.

Differentiator

Problem solved

Functional benefit

Brands

• Ipimax: Line of additized fuels with MAX technology for improved engine performance and fuel efficiency
• Ipimax Pro
• Ipimax Gasolina
• Ipimax Etanol
• Ipimax Diesel S10
• Ipimax Pro Diesel Náutico
• Ipimax Agro
• Original
• AmPm
• Jet Oil
• KMV (KM de Vantagens)
• Rodo Rede
• Ipiranga Empresas
• Pró-Frotas

Products and services

• Ipimax Pro Premium Gasoline Premium additivated gasoline formulated with Ipimax MAX technology to deliver maximum engine power and improved drivability for consumer vehicles at Ipiranga stations.
• Ipimax Gasolina Aditivated gasoline under the Ipimax brand offering quality and performance as part of Ipiranga's premium fuel portfolio for Brazilian consumers.
• Ipimax Etanol Aditivated ethanol fuel under the Ipimax brand offering quality and performance as part of the premium fuel portfolio in Brazil.
• Ipimax Diesel S10 Premium diesel fuel meeting S10 low-sulfur (10 ppm) specification, designed for modern diesel engines and commercial vehicles in Brazil.
• Ipimax Pro Diesel Náutico Premium diesel fuel formulated for marine and nautical applications, serving shipping companies and maritime operators through Ipiranga's maritime operations.
• Ipimax Agro Premium diesel fuel tailored for agricultural sector applications, serving farming operations with bulk diesel supply for tractors, harvesters, and equipment.
• Original Fuel Line Standard gasoline, diesel, and ethanol fuel line from Ipiranga, tested over 1,000 times per day across distribution points for quality assurance.
• Lubrificantes Ipiranga Complete line of Ipiranga-branded lubricants, greases, and fluids for consumer vehicles and business customers, including engine oils and specialized industrial lubricants.
• AmPm Convenience Store Franchise Franchise convenience store brand operating at Ipiranga gas stations, offering snacks, coffee, beverages, and everyday items to drivers and travelers.
• Jet Oil Auto Service Franchise Franchised oil-change and vehicle maintenance service operating at Ipiranga gas stations, providing professional lubricant services under the Jet Oil brand.
• Km de Vantagens (KMV) Loyalty Program Cashback and exclusive-benefits loyalty program for consumers fueling at Ipiranga stations and patronizing partner businesses across Brazil.
• Ipiranga Empresas Business solutions division providing comprehensive fuel management, billing, and operational services to corporate fleet operators across Brazil.
• Pró-Frotas Fleet Management Fleet management solution for business customers, providing tools to manage fuel consumption, fleet cards, and fleet operations across Brazil.
• Maritime Operations (Operações Marítimas) Maritime fuel operations serving vessels, shipping companies, and port customers with marine diesel and nautical fuel supply including the Ipimax Pro Diesel Náutico line.
• Rodo Rede Highway Service Stations Highway-oriented network of Ipiranga-branded service stations featuring the Saúde na Estrada mobile health program for truck drivers and roadside communities.
• Postos Ipiranga Gas Station Network Network of more than 6,800 Ipiranga-branded gas stations across Brazil, operating under exclusive distribution agreements as company-owned locations and franchisee-operated sites for retail fuel sales.

Quantifiable outcome

• Quality tested over 1,000 times per day
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• TranspetrominorChannel Partner/ Reseller/ Distributor · 18 March 2026Transpetro, the logistics subsidiary of state-controlled Petrobras, signed its first commercial shipping deals with Ipiranga for vessel chartering and coastal/long-haul shipping services. This marks Transpetro's strategic shift from serving only its parent company to offering services to private-sector clients.
• Chevron CorporationcoreStrategic or Co-development Partner · 17 March 2026Chevron is in advanced negotiations to acquire a 30% stake in Ipiranga from Ultrapar Group, building on their existing Iconic lubricants joint venture where Ultrapar holds 54% and Chevron holds 46%. The transaction would give Chevron strategic access to Brazil's fuel distribution market while allowing Ultrapar to free capital for investment in faster-growing segments.
• Iconic (Chevron-Ipiranga Joint Venture)coreStrategic or Co-development PartnerIconic is a joint venture between Ipiranga and Chevron operating in Brazil's lubricants, greases, and fluids market. The JV holds a 27.9% market share in Brazil as of October 2024, with volume growth of 8% in 2024, outpacing sector growth of 1.7%. Ultrapar holds 54% and Chevron holds 46% of the joint venture.
• SindicomminorOthersIndustry data source providing market intelligence on Brazil's lubricants and fuels sector, with Iconic tracking performance against sector benchmarks.
• ANP (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis)coreOthersBrazil's national petroleum regulator sets decarbonization credit targets under the RenovaBio program. Ipiranga received a preliminary target of 8.29 million Cbios for 2026, requiring participation in Brazil's biofuels market.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Raízen: Joint venture between Cosan and Shell, operating thousands of Shell-branded service stations in Brazil plus a major fuel distribution business. Directly competes with Ipiranga with similar convenience retail (Shell Select) and premium fuel positioning.
• Vibra Energia: Brazil's largest fuel distributor formerly known as BR Distribuidora (Petrobras spin-off), operating ~8,000 gas stations across Brazil. Directly competes with Ipiranga in retail fuel, lubricants, and B2B fleet services with a comparable nationwide station network.
• Shell Brasil: Operates Shell-branded fuel retail in Brazil and is a major lubricants competitor through Raízen and its own lubricants business. Directly comparable to Ipiranga in premium fuel technology, loyalty programs (Shell Box), and B2B fleet services.
• BR Petrobras (legacy brand): Petrobras-affiliated branded fuel retail business with deep Brazilian market presence. Directly competes with Ipiranga in standard fuel retail and historically served as the volume share leader before Vibra's separation and Ipiranga's brand strength gains.
• TotalEnergies Brasil: Operates a network of branded gas stations in Brazil and competes directly with Ipiranga in fuel retail, lubricants, and B2B fleet services with a similar premium fuel positioning strategy.

Others

• Ultrapar Participações: Parent company of Ipiranga and a diversified Brazilian conglomerate (Ultragaz, Oxiteno, Ultracargo). While not a peer in the operating sense, it is the publicly-listed entity through which Ipiranga's results are valued and benchmarked across the Ipiranga-Cosan-Petrobras domestic energy ecosystem.

Broad incumbents

• Petrobras: Brazil's state-controlled integrated oil major that historically dominated fuel distribution through Vibra Energia. As a supplier and wholesale partner to Ipiranga, it competes indirectly and remains a major pricing reference through ANP-regulated benchmarks.
• Cosan: Brazilian conglomerate that controls Raízen (50/50 JV with Shell), making it a direct competitor in Brazilian fuel distribution, lubricants, and convenience retail. Comparable diversified energy conglomerate structure to Ultrapar, Ipiranga's parent.
• Chevron: Iconic JV partner (46%) and in advanced negotiations to acquire 30% of Ipiranga. While not a direct retail competitor in Brazil, Chevron is a major global lubricants manufacturer and the strategic partner that defines Ipiranga's premium fuel and lubricants technology roadmap.

Regional players

• ALE Combustíveis: Brazilian independent fuel distributor with a smaller regional network of branded stations. Competes with Ipiranga in select markets but lacks comparable scale, lubricants JV, and convenience franchise ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ipiranga
• Facebookfacebook.com/ipirangaoficial
• LinkedInlinkedin.com/company/petroleo-ipiranga

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ipiranga