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Lula Says Government to Seek Lower Fuel Prices at Petrobras -Bloomberg

  • Leftist leader rules out further privatization of oil giant
  • Petrobras has faced investor pressure since Lula’s election
A Petroleo Brasileiro SA (Petrobras) gas station in Rio de Janeiro, Brazil, on Thursday, March 23, 2023.
A Petroleo Brasileiro SA (Petrobras) gas station in Rio de Janeiro, Brazil, on Thursday, March 23, 2023. ( Dado Galdieri/Bloomberg )

Simone Preissler Iglesias, Bloomberg News

EnergiesNet.com 05 12 2023

President Luiz Inacio Lula da Silva said his government will maintain its stake in Petroleo Brasileiro SA while working to reduce fuel and gasoline prices at Brazil’s state-owned oil giant. 

“We are going to try to make sure that Petrobras can have cheaper gasoline and diesel oil,” Lula said Thursday during a speech in the northeastern Bahia state. 

The leftist leader has been critical of privatizations carried out by former President Jair Bolsonaro’s administration, including of power company Eletrobras. Bolsonaro’s government had also sought to pursue the privatization of Petrobras.

Petrobras has been under pressure since Lula was elected, with investors spooked by the prospect of government interventions and an expected shift to investments in lower-return assets such as refineries.

Petrobras, while considered one of the most technically adept national oil companies, also has a history of government interference and corruption. A massive pay-to-play scandal known as Car Wash that broke in 2014 centered on the oil company.

Read: Petrobras posts 14% profit dip, but beats expectations – Reuters

bloomberg.com 05 11 2023

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