Brazil's Petroleo Brasileiro SA canceled a diesel price hike on Friday as P...
RIO DE JANEIRO/BRASILIA - Brazil’s Petroleo Brasileiro SA canceled a diesel price hike on Friday as President Jair Bolsonaro called for “fair” prices out of concern for truckers, spooking investors wary of political interference at the state-run oil firm.
Although Bolsonaro vowed orthodox economic policies in his far-right presidential campaign last year, his first 100 days in office have raised concerns that more populist factions in his government may have an upper hand over free-market voices. “I’m also worried about cargo transport in Brazil, about the truckers ... We want a fair price for diesel.”
Bolsonaro called Petrobras Chief Executive Roberto Castello Branco late on Thursday to address the sharp price hike after discussing the matter with his chief of staff, according to a source in the presidential palace. “It’s a shame because all that’s been said by the government up to now is that you’re going to have prices tied to international prices, and Petrobras is going to have independence when it comes to pricing policy,” said Adriano Pires, a consultant at Brazil’s Center for Infrastructure.
Although Bolsonaro has decried the economic mismanagement of his predecessors and vowed to follow the lead of his market-friendly Economy Minister Paulo Guedes, he is a late convert to free-market ideas and was an early backer of the 2018 trucker strike.
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