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Petrobras CEO Plans to Change Fuel Price Policy

The incoming chief executive of Brazil's state-run oil company Petrobras, Senator Jean-Paul Prates, has announced plans to change the company's fuel price policy.

BR Petrobras Logo
BR Petrobras Logo

Currently, fuel prices are pegged to global oil prices, but Prates has stated that the policy will be changed in line with the country's policy, though he emphasized that this does not necessarily mean prices will be completely unlinked from the international market.

Prates assured investors that the change would not "traumatize" them and emphasized that the company's pricing policy would be changed to meet the needs of the country, planet, and society, in addition to the long-term interests of shareholders.

Prates to Take Over as Petrobras CEO in January

Senator Jean-Paul Prates, named by President-elect Luiz Inacio Lula da Silva as the next CEO of Petrobras, is expected to take over the company in mid-January. Once in the role, Prates will present company plans in detail to Petrobras' board of directors and the Brazilian society. Prates has previously stated that the incoming government has no intention of causing a "breakdown" of Petrobras and has indicated a shift in focus from deep water drilling toward renewables.