Get our newsletter delivered directly to your inbox
I have already subscribed | Do not show this message again
Your email has been successfully registered.
On Monday, the Brazilian President decided to fire the current Petrobras President, Joaquim Silva e Luna.
Brazil's President Jair Bolsonaro decided to change the president of state-owned Petrobras because of the rising pressure on Palácio do Planalto due to the sharp increase in fuel prices. The president agreed that Adriano Pires would be the company's new president.
The new replacement, Pires, a specialist in the oil and gas field, was confirmed by military allies and auxiliaries from the Planalto Palace and the Ministry of Mines and Energy. Monday evening, the Palácio do Planalto confirmed the change and announced the composition of the new board.
The replacement is yet to be approved by the board of directors of the state-owned company, which is scheduled for next April 13.
Last February, the Brazilian president designated Silva e Luna, an Army reserve general, dissatisfied as well with the constant price increases applied by the company. Pires' did not go down well in the government, especially among the high-ranking military linked to the Minister of Mines and Energy, Bento Albuquerque, who worked to keep Silva e Luna in office.
Petrobras, early in March, increased the price of gas by 18.8 percent and diesel by 24.9 percent, citing the "worldwide increase in the price of oil and its derivatives as a result of the war between Russia and Ukraine."