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Petrobras wants to scrap daily gasoline price changes

 

 

 

By Reuters

SAO PAULO/RIO DE JANEIRO
Petroleumworld 06 05 2018

The new management of Brazilian state-led oil company Petroleo Brasileiro SA, headed by interim Chief Executive Officer Ivan Monteiro, has agreed to discuss ditching daily gasoline price changes, a newspaper reported on Monday.

The company has imposed two conditions: that Petrobras' prices stay in the range of international prices and that the company be protected against imports when its prices are artificially lower than foreign competitors, paper Valor Economico said, citing government sources.

An 11-day truckers' strike to protest high fuel prices in late May put a stranglehold on Brazil's economy, and drew pledges from the government to roll back some market-based initiatives that have been implemented at Petrobras in recent years.

It also led to the departure of CEO Pedro Parente, who resigned on Friday in the midst of increasing government interference in the company. He was replaced by Monteiro, the chief financial officer.

The government's communications have varied widely in recent days. Brazilian President Michel Temer has already announced measures to change the frequency of diesel price changes, while also saying there will be no interference in the company's pricing policies.

Petrobras did not immediately respond to a request for comment on Monday.

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Reporting by Gram Slattery and Marta Nogueira Editing by Jeffrey Benkoe from Reuters


reuters.com 06 04 2018

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