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New Petrobras CEO in Hot Seat on Fuel Prices With Oil Climbing
May 06 2021, 8:22 AM
May 05 2021, 9:38 PM
May 06 2021, 8:22 AM
(Bloomberg) Surging oil futures are set to test a promise by Petrobras’ new chief to keep diesel prices at parity with the international market.
(Bloomberg) Surging oil futures are set to test a promise by Petrobras’ new chief to keep diesel prices at parity with the international market.
Joaquim Silva e Luna, a former army general with no experience in oil, has said he’ll keep retail prices competitive after Latin America’s largest crude producer lost an estimated $40 billion selling fuel below international levels during the most recent commodities supercycle. But if oil keeps climbing, he’s likely to come under pressure from politically influential truck drivers a critical base of support for President Jair Bolsonaro to start subsidizing diesel once again. ....

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