The resignation of the chief of the state oil giant Petrobrs is raising doubts about new President Itamar Augusto Cartiero Franco's commitment to free-market reforms. Franco is continuing some reforms begun by his disgraced predecessor, Fernando Collor de Mello, but Petrobras head Benedicto Moreira quit on Nov. 16 to protest Franco's delays in approving hikes in Petrobras fuel prices to keep pace with 26% monthly inflation. Petrobras is losing $10 million per day, the departing Moreira warned.
Edited by Stanley Reed
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