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The pinnacle of Brazil’s state-owned Petrobras oil firm, Jose Mauro Coelho, resigned from his put up as CEO on Monday, the corporate introduced.
He is the newest prime govt of the power large to be ousted amid disagreements with President Jair Bolsonaro over gas pricing coverage, with Bolsonaro going through a spike in inflation and a reelection bid in October.
Standoff over gas costs
Coelho stepped down from his function as chief govt on Monday morning and resigned as a board member, Petrobras stated in a securities submitting. The corporate added that an interim CEO would quickly be appointed.
The transfer got here simply days after Petrobras introduced that it could enhance gasoline and diesel costs at its refineries, with the value hikes taking impact on Saturday.
The final value hike for gasoline and diesel got here three months in the past. Official figures present that Brazil’s gas costs have already risen by over 33% previously 12 months, following a world development.
Third CEO since 2019
Bolsonaro slammed the transfer as a betrayal of the Brazilian individuals and one which “may sink Brazil into chaos.”
Jose Mauro Coelho was appointed because the Petrobras chief govt in April this 12 months
Different Brazilian politicians additionally criticized the transfer, with Decrease Home Speaker Arthur Lira calling for Coelho’s resignation.
Coelho, who was appointed to the put up in April this 12 months, is the third Petrobras CEO to have come and gone since Bolsonaro took workplace in early 2019.
The president has steadily disagreed with the heads of the state-run oil firm, resulting in the ouster of former CEOs Roberto Castello Branco and Joaquim Silva e Luna.
Double-digit inflation
With Brazil’s presidential election arising in early October, the nation’s economic system and excessive inflation will seemingly dominate the campaigns. Bolsonaro faces a troublesome run for reelection from leftist former President Luiz Inacio Lula da Silva, who served as president from 2003 to 2010.
Like many different nations all over the world, Brazil is going through rising prices for gas and different commodities. Inflation within the South American nation presently stands at over 11.7%, far outpacing Brazil’s central financial institution inflation goal of three.5%.
Brazil’s economic system has struggled to recuperate from the hit taken in the course of the coronavirus pandemic. Financial uncertainty and value hikes have additionally risen amid Russia’s invasion of Ukraine.
rs/msh (Reuters, AFP, Lusa, EFE)
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