Petrobras Head Resigns as Bolsonaro Rages About Fuel Prices
- Coelho was under pressure from Bolsonaro and congress to quit
- Bolsonaro’s administration continues with privatization plans
The Petrobras headquarters in Rio de Janeiro
Photographer: Andre Coelho/BloombergThis article is for subscribers only.
Petrobras’s chief executive officer Jose Mauro Coelho resigned following a fuel price increase that has angered President Jair Bolsonaro and prompted calls for a congressional inquiry into the state-owned oil producer.
Petroleo Brasileiro SA, as the company is formally known, announced its CEO departure in a statement on Monday. Bolsonaro had already fired him in May and named a replacement, but he remained in the role while firm went through the formal procedures for appointing its next chief executive.