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Petrobras Price Move Damages Bolsonaro's Pro-Business Stance

  • Brazil government suspended planned diesel price increase
  • Petrobras had been subject to government intervention in past
Transpetro Sea Terminal As Brazil Plans Additional Credit For Oil And Gas Production
Photographer: Dado Galdieri/Bloomberg
Updated on

A conversation lasting less than 20 minutes was enough to put the neo-liberal credentials of Brazil President Jair Bolsonaro’s government in question.

Bolsonaro and his Chief of Staff Onyx Lorenzoni suspended oil giant Petrobras’ diesel price increase late Thursday after that discussion and a phone call to Petrobras CEO Roberto Castello Branco, according to a government official with knowledge of the matter. Bolsonaro and Lorenzoni derided the price boost that had been announced hours earlier as untimely and extemporaneous. Diesel costs were behind a nationwide truckers strike in 2018.