Courtesy: Reuters

The company had raised gasoline and diesel prices last week, sparking a new round of pressure for the current chief executive to resign immediately. the president of Brazilwhich is seeking re-election in October, has publicly questioned Petrobras over what it calls “abuse profits” and fired three of its chief executives amid frustration with the company’s wholesale fuel prices, which track international prices. Prices at gas stations and inflation in general are one of the main complaints among voters.


Bolsonaro said on Saturday that he has the support of Congress to launch an investigation into the state company and its pricing policy. The president of the lower house, Arturo Lira, has also threatened to intervene by imposing punitive taxes on the company’s record profits.}

This was the fourth change in the direction of Petrobras proposed by the Government, in its capacity as majority shareholder, since Bolsonaro took power in January 2019.

In recent months, due to these policies, fuel prices have skyrocketed in Brazil and impacted inflation, which for more than twelve months has been around 12% per year. Last Saturday gasoline prices rose by 5.18% and diesel prices increased by 14.26%.

”Petrobras can plunge Brazil into chaos. Its president, its directors and its advisers are well aware of what happened in 2018 with the truckers’ strike and its disastrous consequences for the economy and the life of the people.”Bolsonaro said.

The president thus alluded to a stoppage of truck drivers that, in 2018, he himself supported as a presidential candidate, lasted eleven days and generated a serious supply crisis in many regions of the country.

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