Bolsonaro Raises Pressure on Petrobras After Firing CEO
- Government appoints economy ministry official as replacement
- Petrobras under pressure to subsidize fuel in election year
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Brazilian President Jair Bolsonaro sacked his third chief executive officer at Petroleo Brasileiro SA in a clear sign that the state-controlled oil giant will come under pressure to combat fuel inflation in an election year.
The prospect of having Petrobras subsidize gasoline and diesel in Latin America’s largest economy puts its robust profits and dividends in doubt. The Rio de Janeiro-based producer lost an estimated $40 billion during the previous decade when then-President Dilma Rousseff pursued price controls and state intervention in Brazil’s economy.