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Rousseff Favors Price Control Over Petrobras, Lobao Tells Estado

Brazil plans to keep fuel prices unchanged even after state-run oil producer Petroleo Brasileiro SA (PETR4) reported declining profit because President Dilma Rousseff prefers inflation under control to “fantastic” earnings, Energy Minister Edison Lobao told O Estado de S.Paulo in an interview.

Lobao said that outgoing Chief Executive Officer Jose Sergio Gabrielli acted “correctly” in pushing for fuel price increases, while it’s Rousseff’s job to put the interests of the entire nation above those of the state-run company, according to Estado.

To contact the reporter on this story: Carlos Caminada in Sao Paulo at ccaminada1@bloomberg.net

To contact the editor responsible for this story: Carlos Caminada at ccaminada1@bloomberg.net

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