PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

Brazil's fuel prices to rise and Bolsonaro vows not to interfere

Bloomberg

Brazil’s President Jair Bolsonaro said the government won’t interfere in Petrobras raising fuel prices

- Brazil president spoke in Facebook event with economy minister
- Minister says reforms will compensate for social spending

By Peter Millard / Bloomberg

RIO
Petroleumworld 10 26 2021

With global fuel demand still reeling from the pandemic and refineries shutting down elsewhere, Brazil is giving potential buyers another reason for pause: Petrobras is under mounting pressure to sell cheaper gasoline and diesel.

Brazil’s President Jair Bolsonaro said the government won’t interfere with any move by state-controlled oil company Petrobras to raise fuel prices in the coming days with higher global prices and a weakening local currency.

Investors have been concerned that Brazil will force Petrobras to start subsidizing fuel to contain inflation ahead of presidential elections next year. Bolsonaro, who was speaking to reporters Sunday at an event broadcast live on Facebook, also said that Brazil wouldn’t have any fuel shortages like what recently happened in the U.K.

“Some want me to interfere in the price,” said Bolsonaro, who recently suggested privatizing Petrobras. “We’ve done this in the past and it didn’t turn out well.”

Brazilian markets suffered a rout last week on fears that Bolsonaro will ramp up social spending and fuel inflation in Latin America’s largest economy. His plans to boost welfare spending will break a key fiscal rule seen as essential to keeping investor confidence in the country.

While many Brazilians would clearly benefit from additional pandemic assistance, the spending plan risks backfiring by deepening a surge in inflation that would only weaken the country’s tepid economic recovery.

Economy Minister Paulo Guedes, who accompanied Bolsonaro on Sunday, said that privatizations, tax reform and a reform to public administration would help compensate for the increased social spending, which he described as necessary to help economically-vulnerably Brazilians through the pandemic.

_____________


By Peter Millard from Bloomberg News

bloomberg.com /10 25 2021

TOP

Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.