Brazil's Bolsonaro Fires Third Petrobras Chief As Fuel Prices Soar
Faizan Hashmi Published May 24, 2022 | 10:10 AM
Bras�lia, (UrduPoint / Pakistan Point News - 24th May, 2022 ) :Brazilian President Jair Bolsonaro on Monday dismissed the president of state oil giant Petrobras, who had been in the job for only 40 days.
Fuel prices in Brazil have increased more than 33 percent in the past year, according to official figures, driving annual inflation of more than 12 percent and hurting Brazilians' wallets.
Inflation is a central issue as the far-right Bolsonaro seeks re-election in October and trails leftist ex-president Luiz Inacio Lula da Silva in the polls.
"The Federal Government, as controlling shareholder of Petroleo Brasileiro S.A., Petrobras, advises that it decided to make a change to the Company's presidency," said the Ministry of Mines and Energy in a statement.
Without giving specific reasons for the dismissal, it thanked Jose Mauro Coelho for his service but said: "Brazil is currently experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets." Coelho was appointed in April to finish the term of his predecessor, Joaquim Silva e Luna, and became the third Petrobras president to be dumped by Bolsonaro with fuel prices soaring.
The government proposed for Coelho to be replaced by Caio Mario Paes de Andrade, the current secretary for de-bureaucratization at the Economy Ministry.
He must be confirmed by the company's board of directors.
Earlier this month, Bolsonaro also replaced his longtime energy minister, Bento Albuquerque, days after Petrobras reported record quarterly profits.
Bolsonaro said those profits amounted to "rape," and called on Albuquerque and Coelho to stop Petrobras from raising prices.
However, Albuquerque and the energy ministry had no direct role in price decisions by Petrobras, whose pricing policy is based on the international oil market.
Disregarding the president's fervent demands, Petrobras went on to hike diesel prices by an additional 8.9 percent in the following days.
According to a statement by the Ministry of Mines and Energy, the proposed new Petrobras president Andrade holds degrees from Harvard and Duke universities in the United States.
"The nominee has all the qualifications to lead the company to overcome the challenges imposed by the current situation," the government statement said.
But according to economist Andre Perfeito of the consulting firm Necton, Brazilians should likely expect more of the same given Andrade's background.
"It does not seem reasonable to assume that Petrobras' pricing policy will change, quite the contrary," Perfeito said in a statement.
"Andrade is a professional with liberal values and close to (Economy) Minister Paulo Guedes," who launched a study of privatizing Petrobras, added Perfeito.
Related Topics
Recent Stories
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago