Three CEOs have come and gone since 2019, with each departure linked disagreement between Petrobras and the government over domestic fuel pricing policy.
After barely 40 days on the job, José Mauro Coelho resigned as CEO of Brazil s state-run oil company Petrobras due to pressure from President Jair Bolsonaro and other politicians over a recent increase in the price of fuel, which drives inflation upwards ahead of the Oct. 2 elections. Bolsonaro had dubbed the price hike a “betrayal” of the Brazilian people.
The chief executive of Brazil’s state-owned oil company Petrobras, who has stayed in his post despite last month being fired by Brazilian President Jair Bolsonaro, resigned on Monday after a new fuel price hike that enraged Bolsonaro.
Jose Mauro Coelho is the third Petrobras chief executive to leave since February last year in a standoff between the company and Bolsonaro over fuel prices.
Petrobras announced Coelho’s resignation on Monday.
The company said Fernando Borges its head of exploration and production would temporarily take over until government pick Caio Paes de Andrade, a Brazilian Ministry of the Economy official, assumes the top
The CEO of Brazil's state-owned oil company Petrobras, who has stayed in his post despite being fired by Jair Bolsonaro in May, resigned Monday after a new fuel price hike that enraged the far-right…