In August 1936, the owners of Destilaria Rio-Grandense de Petróleo partnered with a group of Uruguayan investors and created Ipiranga SA, a Brazilian oil company.

[2] By the 1940s, Ipiranga produced solvents, asphalt, lubricants and insecticides in Brazil to counter import restrictions during World War II.

[2][3][4] In 1993, Ipiranga bought the Atlantic service station network in Brazil and became one of the largest gas distribution companies in the country.

Ultra acquired the Ipiranga brand, its management team and its gas distribution chain in the South and Southeast regions of Brazil.

Ipiranga’s presence in Brazil expanded to the Central-West, North and Northeast regions, thus covering all the states of the country.

In October 2010, Ultra acquired Distribuidora Nacional de Petróleo (DNP), expanding the volume of Ipiranga by 40% in the northern states of Amazonas, Rondônia, Roraima, Acre, Pará and Mato Grosso.

The following year, Ipiranga launched a project to collect batteries and cell phones in approximately 30 Jet Oil stations in the city of Rio de Janeiro.

[11] In November 2012, Ipiranga partnered with Odebrecht TransPort to create ConectCar, a company engaged in the electronic payment of tolls, parking and fuel.

[6][15] In 2014, Ipiranga was named best wholesale company by "Melhores e Maiores" of Exame magazine for the fourth consecutive year.