With Brent Oil Prices Falling, Bolsonaro Claims Gas Prices "Must Drop"

With Brent Oil Prices Falling, Bolsonaro Claims Gas Prices “Must Drop”

Written by Roberta Souza

Published on 07/12/2021 at 16:46

Updated on 07/12/2021 at 19:31

Foto: reprodução google

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President Jair Bolsonaro declared on last Monday (6) that with the devaluation of Brent oil, Petrobras needs to lower the price charged in the resale of gasoline to consumers

After stating that Petrobras would announce a decrease in the price of gasoline and other fuels this week – which led the Securities and Exchange Commission (CVM) to open an administrative process against Petrobras -, the President of the Republic, Jair Bolsonaro, said on this Monday, December 6, that the price charged to consumers for gasoline “must fall” with the decreases in Brent oil quotes in the global market.

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Upon arriving at the Palácio da Alvorada on Monday, Bolsonaro told supporters “Do you need a crystal ball to say that the gasoline price has to fall when Brent falls? If I’m not mistaken, almost US$ 10 in reduction. It has to fall. I said that, there you go, insider information,” showing that he had not received advance notice regarding Petrobras’s strategy for adjusting gasoline prices.

Brent oil, which is the international benchmark for Petrobras’s gasoline pricing decisions, traded in London, closed today, December 7, at US$ 73.08 a barrel. A month ago, the most liquid futures contract for this commodity ended the session priced at US$ 82.74. There was, therefore, a decrease of US$ 9.66 during the one-month period.

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Concerned about the approaching 2022 elections and the effect of inflation on his popularity among voters, President Jair Bolsonaro has been consistently criticizing Petrobras’s pricing policy, which bases gasoline and other fuel price adjustments on the international fluctuations in oil prices.

Earlier yesterday, Petrobras issued a statement to the market to deny Bolsonaro’s declaration and also stated that it does not anticipate decisions regarding gasoline price adjustments. Nevertheless, the CVM began the process to investigate the company.

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With Brent Oil Prices Falling, Bolsonaro Claims Gas Prices “Must Drop”

President Jair Bolsonaro declared on last Monday (6) that with the devaluation of Brent oil, Petrobras needs to lower the price charged in the resale of gasoline to consumers

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Gasoline Price Rises 49.8% in a Year and Brazilians Turn to Other Fuels, Such as Ethanol and CNG

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With Brent Oil Prices Falling, Bolsonaro Claims Gas Prices “Must Drop”

President Jair Bolsonaro declared on last Monday (6) that with the devaluation of Brent oil, Petrobras needs to lower the price charged in the resale of gasoline to consumers

Read Also:

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