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Bolsonaro Rages at Petrobras as Fuel Threatens Re-Election

  • Petrobras stock collapses 9% after ignoring president warning
  • Bolsonaro has fired three Petrobras CEOs as election looms
Petrobras Declines On Fuel Price Pressure From Bolsonaro
Photographer: Andre Coelho/Bloomberg
Updated on

A bitter dispute between Jair Bolsonaro and Petrobras intensified as the state-controlled oil giant shrugged off the president’s warnings and increased fuel prices, adding to the Brazilian leader’s difficulties as he struggles to contain inflation in an election year. 

Petrobras shares plunged as much as 9% on Friday, extending losses after Brazil’s Lower House Speaker Arthur Lira threatened to intervene by imposing punitive taxes on the company’s record profits.