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The Dismissal Of The President Of Petrobras Has Been Discussed By Bolsonaro Since The Issues With High Fuel Prices
On the afternoon of Monday, March 28, the President of the Republic Jair Bolsonaro decided to dismiss Joaquim Silva e Luna, the president of Petrobras. According to information from the newspaper O Globo, the reason for the decision, which has already been previously mentioned as a possibility, is the pressure that the state company is facing due to increases in fuel prices.
In recent weeks, the fuel adjustments at refineries were responsible for the price of gasoline increasing by 18.7% and diesel by 24.9%. In this sense, from February 2021 to February 2022, the IPCA for fuels, that is, the main inflation indicator of the country, had a jump of 33%. Gasoline increased by 32%, ethanol by 36%, and diesel by 40%, corresponding to values far exceeding the general index, which stands at 10.54%.
Now, with the dismissal confirmed and following what rumors had already indicated, the new president of Petrobras is confirmed: Adriano Pires, the current director of the Brazilian Infrastructure Center.
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See The Announcement Made By CNN About The Decision Of The New Presidency Of Petrobras:
Council
The Ministry of Mines and Energy published a note during the night of the same day, March 28, to clarify that “it has consolidated the list of nominees from the Controlling Shareholder to compose the Board of Directors of Petróleo Brasileiro S.A. – Petrobras, to take effect upon confirmation by the Ordinary General Assembly, which will occur on April 13, 2022”. In the announcement, Adriano Pires is also confirmed as president.
In early March, the Government nominated new members for the Board of Directors and Fiscal Council of Petrobras. Among them, there is the name of Luiz Rodolfo Landim Machado, the current president of Flamengo, as a candidate for the position of president of the Board of Directors. The chosen one will be announced after the official election, which will take place on April 13 at the Ordinary General Assembly.
Since 2015, Petrobras – which achieved record profits in 2021 – has a significant presence of minority shareholders in the Assembly, and the current council, which has 11 members, has three representatives nominated by market investors.
In addition to the engineer, the government recommended seven other people for the Board of Directors: Carlos Eduardo Brandão, Joaquim Silva e Luna, Luiz Henrique Caroli, Márcio Weber, Murilo Marroquim, Ruy Schneider, and Sonia Villalobos. Of the nominated names, four are already serving on the board.
For the Fiscal Council, the government’s nominations were Agnes Maria de Aragão da Costa, Janete Duarte Mol (representative of the National Treasury), and Sergio Henrique Lopes de Sousa. For the alternate positions, the nominations are Marisete Fátima Dadald Pereira, Otavio Ladeira de Medeiros, and Alan Sampaio Santos.
Who Is To Blame For The Rise In Fuel Prices?
According to a survey by EXAME/IDEIA, published on March 22, for 60% of Brazilians, the main responsible for the current fuel prices are the War in Ukraine and President Bolsonaro. Only 20% of respondents believe that Petrobras is to blame for this increase.
The increase in fuel prices has already affected the behavior and finances of Brazilian consumers. Still according to the EXAME/IDEIA survey, 83% of respondents say they have reduced their use of cars or motorcycles due to the rise in gasoline, diesel, and ethanol prices. The increase in prices is the biggest obstacle that Brazil needs to tackle this year, in the opinion of 57% of survey respondents. Following that, unemployment (19%), poverty (12%), and violence (6%) are next. Maurício Moura, founder of IDEIA, says: “Inflation is a concern for Brazilians. What will dominate the debate this election year is the economy.”
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