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Lula Hasn’t Intervened in Fuel Prices, Petrobras CEO Says – Bloomberg

Petrobras CEO Jean Paul Prates (F. Carter Smith/Bloomberg)

Mariana Durao / Bloomberg

EnergiesNet.com 08 02 2022

President Luiz Inacio Lula da Silva has never interfered in way Brazil’s state-controlled oil producer Petrobras adjusts politically sensitive fuel prices, Chief Executive Officer Jean Paul Prates told Bloomberg.

Petrobras is currently selling gasoline and diesel below international levels after oil’s recent rally. Prates, in a brief telephone interview, said Petrobras takes profitability and corporate governance into account when setting fuel prices. The company has a policy of periodic adjustments, while also shielding consumers from short-term volatility in oil prices and the exchange rate.

“The president has never asked us to break these rules,” he said after a meeting with Lula and members of his economic team. “The word price wasn’t even mentioned.”

Prates and Lula (Twitter)
Prates and Lula (Twitter)

Prates added that Petrobras and the government are discussing ways to bring down natural gas prices, and that Petrobras doesn’t rule out investing in gas transportation infrastructure.

Read More: Petrobras Management Under Political Attack, CEO Prates Saysbloomberg.com 08 01 2023

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