Bolsonaro Minister Vows Petrobras Privatization in 10 Years
- CEO Luna plans to continue tracking international fuel prices
- Oil giant under pressure to lower fuel prices amid oil rally
This article is for subscribers only.
Brazil plans to privatize state-controlled oil producer Petrobras within a decade as part of a wider effort to make the country more competitive, Economy Minister Paulo Guedes said Monday. The shares rose.
The pledge from Guedes, a champion of free markets, comes as President Jair Bolsonaro is lagging in opinion polls for reelection next year and faces increasing pressure to lower fuel prices even as oil rallies. Bolsonaro said earlier that, while his government is looking at ways to address rising fuel prices, he can’t make decisions within Petrobras. He also reiterated support for Guedes.