Home Business Brazil president’s office says will preserve Petrobras’ pricing policy

Brazil president’s office says will preserve Petrobras’ pricing policy

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According to the chief executive, there will be no interference in the company’s pricing policy. Michel Temer said in a written statement on Wednesday that it was committed to the financial health of Petroleo Brasileiro SA and it would continue to preserve the state-led oil firm’s fuel pricing policies.

President Michel Temer, confirmed Ivan Monteiro, appointed by the board of directors, as the new Petrobras’ CEO. “We will continue with an economic policy that, in these two years, removed the company from the loss and brought it back to the company,” Temer said.

With Parente resignation, Petrobras loses R $ 40 billion in market value. With the sharp decline in stocks, the value dropped from R $ 271.5 billion to R $ 231 billion in this B3 trading session. Petrobras ON fell 22.3%, to R $ 17.25 at the worst moment of the day, while the PN hit a low of R $ 14.90, down 21.5%. After adjustments, part of the pressure was absorbed, and the ON closed with loss of 14.92%, to R $ 18.88,

One day after leaving Parente, Petrobras increases gasoline by 2.25%
In a month, the fuel accumulates price hike of 11.29%. That is, 20 cents per liter. The Brazilian state-owned company increased the price of gasoline at its refineries. From Friday Jun. 1st to this Saturday Jun. 2nd, the liter of fuel was 4 cents more expensive and went from R $ 1.9671 to R $ 2.0113.

At May 1st, the fuel was traded at the refineries at R $ 1.8072. The price of diesel, which has fallen 30 cents since May 23 at the height of the truckers’ strike, will be maintained at R $ 2.0316 for 60 days.

After resigning, Parente released a letter addressed to President Michel Temer. He took stock of the two years of his management at the helm of the company. He said he delivered all that was promised, “thanks to the selfless work of a team of executives, managers and the support of a large part of the company’s workforce.”

According former Petrobras CEO, after the crisis generated by the truckers’ strike, new discussions are necessary and, therefore, his “permanence in the presidency of Petrobras ceased to be positive and contribute to the construction of alternatives that the government has for front”.

Parente has suffered great wear and tear since the outbreak of the truck drivers’ strike , being criticized by protesters and opposition politicians and the government support base. According to the letter , the truck drivers’ strike was the main reason for its decision.