The national financial market is already projecting a strong rise in the inflation rate in Brazil for 2022 and with a worsening for the coming years. All this because Petrobras readjusted fuel prices, with gasoline by more than 18%,8 and diesel by 24,9%.

Brazilians must live without prospects of a significant decrease in product prices for a long time. The Central Bank's Market Report (Focus) reveals that the official inflation index in Brazil advanced in another week, from 5,65% to 6,45%, generating expectations for the Extended National Consumer Price Index of 3,51% to 3,70% in 2023 and from 3,10% to 3,15% for 2024. These increases are consequences of fuel price readjustments by Petrobras, which has been under pressure and discredit on all sides.

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Regarding the economy's basic interest rate, the so-called Selic rate, the projection is from 8,25% to 8,75% in 2023 and from 7,38% to 7,50% in 2024. The Focus Report survey who projected these indices and those for inflation in the coming years heard from more than 100 financial institutions.

The readjustment of fuel prices is one of the most commented subjects in all of Brazil. But it's not for less. The increase directly affects the Brazilian budget and awakens the need for manifestation of entities and representatives of the Public Power against Petrobras.

President Jair Bolsonaro stated that the company is not sensitive to the population and even fired: "It's Petrobras Futebol Clube and the rest that explodes". These criticisms are seen in two ways:

1. Give an answer to the electorate, not least because 2022 is an election year
2. Strategy for General Joaquim Silva e Luna, appointed by Bolsonaro himself, to ask to leave command of Petrobras

Meanwhile, the Federal Court of Auditors investigates Bolsonaro's possible interference in Petrobras. And what is being said behind the scenes so far is that Silva and Luna will not ask to leave the command of the oil company.

It is worth remembering that the president of Petrobras only complies with the fuel price policy, which is based on the dollar, and that the main shareholder of the state-owned company is the Union itself. In 2021, the Government received BRL 37,3 billion in dividends from the BRL 106,668 billion earned by the state-owned company.

Pressure from other spheres due to the rise in fuel prices

Justice, Congress and institutions representing self-employed carriers and truck drivers also did not remain silent in the face of the readjustment of fuel prices at refineries.

Judge Flávia de Macêdo Nolasco, from the 9th Federal Court of Brasília, had given 72 hours for the Attorney General's Office (AGU) and Petrobras to explain the increases in the National Cargo Transport Council (CNTRC). The request was filed by the Union of Autonomous Cargo Transporters of Guarulhos and Jundiaí and by the Mixed Parliamentary Front of Autonomous Truck Drivers and Cletters, which brings together 235 deputies and 22 senators.

The AGU was quick to respond, denying to the Court that the Federal Government is failing to control “illegalities allegedly practiced” by Petrobras in the state-owned company's pricing policy and that there is no way for President Jair Bolsonaro to interfere in the oil company, since the company does not is subordinate to the Government.

Petrobras, on the other hand, published two videos on its social networks justifying the recent readjustments. The oil company says that the unprecedented profit obtained in 2021 of more than 106 billion “may seem very high, but it is not” and that “the readjustment was necessary to maintain supply by all companies, mitigating risks of shortages”.

The president of the Senate, Rodrigo Pacheco (PSD-MG) criticized the profit made by Petrobras and the increase in fuel prices, and promised to demand that the state-owned company fulfill its “social function”.

“Petrobras is currently three times more profitable than its competitors, with billionaire dividends. Obviously, it is very good for this to happen, but this cannot happen at the expense of the Brazilian population that fuels their vehicles or needs public transport”, said Pacheco in an agenda this Monday (14) in Belo Horizonte – MG .

Future of Petrobras will be debated in April

A Petrobras general meeting should take place on April 13. On the occasion, the company's shareholders will evaluate the nomination of the president of Flamengo, Rodolfo Landim, to chair the board of directors of the state-owned company.