Bolsonaro Confronts Brazil’s Fuel Price Pain With Privatization Talk
- Domestic devaluation, oil rally boosting local fuel prices
- Bolsonaro floating privatization of state-controlled Petrobras
This article is for subscribers only.
Brazilian President Jair Bolsonaro is publicly floating the privatization of state-controlled oil giant Petrobras, creating a distraction from rising fuel prices that are straining the economy ahead of elections next year.
The combination of a domestic devaluation and a global oil rally has sent Brazilian fuel prices soaring, accelerating inflation and causing a backlash from truck drivers, one of Bolsonaro’s key constituents. Bolsonaro has said he can’t control prices and has repeatedly suggested the government sell its stake.