On Monday, Brazilian President Jair Bolsonaro reiterated his wish to privatize national oil company Petroleo Brasileiro SA (Petrobras), adding that his ideal plan for the company is to carve it up rather than sell it to one buyer.
"For me, the ideal thing is to be rid of Petrobras. Logically, it's best to sell it to many companies, not to go from a state monopoly to a private monopoly. Cut it up," Bolsonaro said. He has long been blaming a state-level tax for high fuel prices while calling Petrobras’ dividend payment absurd.
The president has been losing his footing in popularity mostly due to the galloping inflation driven by rising fuel and energy prices. Some of his key supporters have called for him to do more control to Petrobras fuel pricing policy which is expensive and would likely harm Brazil’s fiscal credibility.
Meanwhile, Petrobras last week reiterated its goal to maintain its current fuel pricing policy. The company also argued that price adjustments were made in line with business needs and international price fluctuations.
