Oxygen fugacity (ƒO 2 ) conditions were established for Três Ranchos IV (TR-IV, diamond-bearing) and Limeira I (LM-I, barren) kimberlite intrusions, in Alto Paranaíba Alkaline Province, to constrain a possible correlation between f O 2 and diamond instability. Temperature and pressure estimates obtained from the xenocryst assemblage composition are compatible up to garnet lherzolite levels. It suggests that both intrusions could cross the diamond-stability field. The ƒO 2 of the TR-IV constrained by perovskite oxygen barometry presents an average value of -2.4 for ΔNNO, with standard deviation of 1.30 (n = 120), whereas those calculations for LM-I have an average value of -1.31 for ΔNNO, with standard deviation of 1.38 (n = 81). Considering these uncertainties, there is an important superposition of fO 2 values for both intrusions, in which there is higher tendency of more reduced conditions for TR-IV. For the LM-I, an oxybarometer based on the composition of monticellite yielded a similar ΔNNO range: -4.2 and +2.5. Some crystals and samples present trends towards more reduced conditions, while others display more oxidized conditions for each intrusion. Due to the superposition of ranges and absence of a preferential trend, the influence of f O 2 for the possible instability of diamonds in the study area remains uncertain.