Lula Says Replacing Petrobras Head Won't Lower Fuel Prices
Comment of the Day

May 24 2022

Commentary by Eoin Treacy

Lula Says Replacing Petrobras Head Won't Lower Fuel Prices

This article from Bloomberg may be of interest to subscribers. Here is a section:

“It’s useless to replace the head of Petrobras, Bolsonaro needs to change his ways,” Lula said at an interview with a local radio. “He could call a meeting of the energy policy council, bring Petrobras to the table and decide that prices won’t be dollarized anymore.”

Bolsonaro sacked the third chief executive officer he had appointed to lead Petrobras, piling pressure on the company to stop raising fuel prices as inflation running above 12% becomes a major campaign issue ahead of October’s general election. Pushing Petrobras to absorb higher crude prices instead of passing them to consumers is a rare point of coincidence between Bolsonaro and Lula as they vie for the presidency.

Eoin Treacy's view

Inflation is going to be a major election issue everywhere this year. The most successful politicians are likely to be those who make big promises like increasing wages, taxing the rich, implementing price controls on commodities and/or boosting domestic supply.

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