Petrobras CEO resists pressure from Bolsonaro to resign: sources By Reuters

© Reuters.

© Reuters. FILE PHOTO: A man walks past the headquarters of Brazilian oil company Petrobras in Rio de Janeiro.

By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) – The chief executive of Brazilian state oil company Petrobras is resisting pressure from President Jair Bolsonaro to resign after tensions over rising fuel prices, two sources told Reuters with direct knowledge of the matter. Roberto Castello Branco was appointed CEO of Petroleo Brasileiro SA, as the state-owned company is known, when Bolsonaro took office in early 2019, and has regularly addressed the president’s complaints about prices. While Bolsonaro has expressed sympathy for truckers threatening to strike over higher diesel prices, Castello Branco said their complaints are not the company’s problem and insisted that Petrobras set prices regardless of political pressure. “He will not give in and does not intend to leave,” said one of the sources, who requested anonymity to discuss sensitive issues. “There was a time when the board of directors was in favor of the government and now it is independent.” On Thursday, Bolsonaro voiced his displeasure with the CEO of Petrobras during an announcement about the reduction of fuel taxes. “The head of Petrobras said a few days ago: ‘I have nothing to do with truckers.’ That’s what the Petrobras head said. That is obviously going to have a consequence, “Bolsonaro said during a live video chat after the markets closed. Petrobras has been raising fuel prices since a Reuters report on February 5 revealed details of its revised pricing policy. , prompting analysts to downgrade the company’s shares over concerns of possible political interference. “I cannot and would not interfere at Petrobras, even if something happens at Petrobras in the next few days,” Bolsonaro said Thursday. . “Something must change. It will happen. ”

Disclaimer: Fusion Media wishes to remind you that the data contained on this website is not necessarily accurate or in real time. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data. Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.