ICONIC Lubricants was Brazil’s largest lubricant supplier in May for the fourth time in five months and boosted its market share to close to an eight-month high.

The joint-venture between Ipiranga and Chevron saw its market share rise to more than 26pc of Brazil’s total lube sales in May, according to IBP. The share was up from less than 24pc the previous month.

It accounted for 35pc of Brazil’s industrial lube sales, up from a 31pc share the previous month. Its share of passenger-car motor oil sales rose to 26pc, from less than 23.5pc in April.

But its share of heavy-duty engine oil sales edged down to 20.9pc, from a 21pc share in April.

Vibra Energia, formerly known as BR Distribuidora, remained the country's second-largest lube supplier. Its market share of more than 22pc in May rose by more than 2 percentage points from the previous month.

Moove was the third-largest supplier, even as its market share slipped by 0.5 percentage points from April.

Brazil’s lube consumption of 91,620mᶟ (81,160t) in May rose for the second time in three months and at its fastest pace in a year amid signs of improving consumer sentiment and economic activity.