The pinnacle of Brazil’s state-owned Petrobras oil firm, Jose Mauro Coelho, resigned from his publish as CEO on Monday, the corporate introduced.
He is the most recent prime govt of the vitality big to be ousted amid disagreements with President Jair Bolsonaro over gasoline pricing coverage, with Bolsonaro going through a spike in inflation and a reelection bid in October.
Standoff over gasoline costs
Coelho stepped down from his position as chief govt on Monday morning and resigned as a board member, Petrobras stated in a securities submitting. The corporate added that an interim CEO would quickly be appointed.
The transfer got here simply days after Petrobras introduced that it could enhance gasoline and diesel prices at its refineries, with the value hikes taking impact on Saturday.
The final worth hike for gasoline and diesel got here three months in the past. Official figures present that Brazil’s gasoline costs have already risen by over 33% prior to now 12 months, following a worldwide pattern.
Third CEO since 2019
Bolsonaro slammed the transfer as a betrayal of the Brazilian individuals and one which “might sink Brazil into chaos.”
Different Brazilian politicians additionally criticized the transfer, with Decrease Home Speaker Arthur Lira calling for Coelho’s resignation.
Coelho, who was appointed to the publish in April this 12 months, is the third Petrobras CEO to have come and gone since Bolsonaro took workplace in early 2019.
The president has steadily disagreed with the heads of the state-run oil firm, resulting in the ouster of former CEOs Roberto Castello Branco and Joaquim Silva e Luna.
With Brazil’s presidential election developing in early October, the nation’s financial system and excessive inflation will possible dominate the campaigns. Bolsonaro faces a tough run for reelection from leftist former President Luiz Inacio Lula da Silva, who served as president from 2003 to 2010.
Like many different nations world wide, Brazil is going through rising prices for gasoline and different commodities. Inflation within the South American nation presently stands at over 11.7%, far outpacing Brazil’s central financial institution inflation goal of three.5%.
Brazil’s financial system has struggled to recuperate from the hit taken throughout the coronavirus pandemic. Financial uncertainty and worth hikes have additionally risen amid Russia’s invasion of Ukraine.
rs/msh (Reuters, AFP, Lusa, EFE)
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