Petrobras Will Cut Fuel Prices This Week, Says Bolsonaro

Written by Roberta Souza

Published on 07/12/2021 at 09:39

Updated on 07/12/2021 at 10:21

Foto: reprodução google

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The Oil Company Was Contacted, But Did Not Wish to Comment on President Jair Bolsonaro’s Statement About Fuel Price Reductions

The President of the Republic, Jair Bolsonaro, declared on last Sunday, December 5, that Petrobras will start reducing fuel prices starting this week. In addition, in an interview with Poder360, Bolsonaro commented on the possibility of meeting mayors to discuss public transportation.

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“Petrobras will start announcing this week a reduction in fuel prices. What they have alleged, which I have seen them complaining about, is that with the increase in fuel prices, the price of the fare goes up. Now, it would be good for them to reach out to the governors,” he stated.

Petrobras’ press office was contacted but neither confirmed nor denied Jair Bolsonaro’s statement, saying that, for now, the oil company will not comment on the matter.

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Petrobras Price Policy

Last month, in an interview with CNN, Joaquim Silva e Luna, president of Petrobras, said he does not discuss price policy with President Jair Bolsonaro. “My relationship with President Bolsonaro is one of deep respect and consideration, and that is reciprocal. I do not discuss fuel prices with the president. We do not talk about this matter,” declared Joaquim.

In September, during a press presentation to discuss fuel prices, the president of Petrobras confirmed that there would be no change in the company’s policy regarding fuel prices. “I see this as an opportunity to show how Petrobras has participated in all of this. I start by affirming that there is no change in Petrobras’ price policy. We continue to operate as we have always operated,” Silva e Luna stated at the time.

In October, Joaquim Silva e Luna gave an interview to Reuters and reaffirmed that there are no chances for Petrobras to act to keep fuel prices in Brazil during a time of high values that are pressuring inflation and the budgets of Brazilians.

This means that Petrobras will adjust gasoline and diesel prices if the prices of oil or the exchange rate have new structural increases. The executive also stated that this needs to be done to maintain Petrobras’ policy of keeping parity with global quotes, although society exerts contrary pressure.

Joaquim Silva e Luna also stated that Petrobras does not hold a monopoly in the sector and that it is not right to blame it for the successive increases in fuel prices. “For 24 years, Petrobras has not exercised a monopoly. It competes freely with other market players,” he confirmed.

About the Possible Privatization of Petrobras

Recently, President Jair Bolsonaro stated that “unfortunately” Petrobras is independent, raising the possibility of privatizing the oil company. And although the official statement from Petrobras indicated that there are no studies on this topic at the Ministry of Economy or the Ministry of Mines and Energy, presidential aides reported to CNN Brazil that government technicians are conducting, at Bolsonaro’s request, an informal analysis of privatization, should he decide to present a proposal to the National Congress.

Petrobras shares were among the biggest gainers of the day on B3, closing the trading session with gains of over 6% at the time the news of a possible privatization became public.

At the beginning of November, another statement by Bolsonaro regarding fuel prices impacted the stock market. The President of Brazil declared that the oil company would announce another price adjustment in 20 days, which caused the Ibovespa, the main index of B3, to show an increase of almost 4%.

ICMS on Fuels

The Tax on Circulation of Goods and Services (ICMS) underwent a freeze for 90 days as a way to try to contain the rise in fuel prices. The measure was unanimously approved at an extraordinary meeting of the National Council for Fiscal Policy (Confaz). “The objective is to help maintain prices at the levels in effect from November 1, 2021, until January 31, 2022,” stated the Ministry of Economy.

Even after this decision, Petrobras’ Director of Marketing and Logistics, Cláudio Mastella, stated that the oil company did not consider freezing fuel prices. According to him, the measure would cause a ‘discrepancy’ with the foreign market, which would lead to losses for Petrobras.

Petrobras Will Cut Fuel Prices This Week, Says Bolsonaro

The Oil Company Was Contacted, But Did Not Wish to Comment on President Jair Bolsonaro’s Statement About Fuel Price Reductions

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Petrobras Will Cut Fuel Prices This Week, Says Bolsonaro

The Oil Company Was Contacted, But Did Not Wish to Comment on President Jair Bolsonaro’s Statement About Fuel Price Reductions

See Also Other News

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