Petrobras Chief Executive Officer Joaquim Silva e Luna said there was 'zero' risk that the state-run Brazilian oil company would seek to artificially control fuel prices even amid growing public outrage over inflation.
Joaquim Silva e Luna, CEO of Brazil's state-run oil company Petrobras speaks during a session at the plenary of the Chamber of Deputies in Brasilia, Brazil September 14, 2021. REUTERS/Adriano MachadoChief Executive Officer Joaquim Silva e Luna said there was "zero" risk that the state-run Brazilian oil company would seek to artificially control fuel prices even amid growing public outrage over inflation.
"There is no chance of this [controlling prices] happening," Luna said in a phone interview late on Friday. "I consider it zero. Petrobras is a very well regulated company, with compliance rules. No board is going to approve such a thing." Lula said President Jair Bolsonaro, Mines and Energy Minister Bento Albuquerque and Economy Minister Paulo Guedes are convinced that artificially controlling prices would be detrimental to Petrobras.
Oil prices are likely to rise in the final quarter, driven by demand for fuel derivatives in the Northern Hemisphere, and domestic price adjustments will largely depend on the exchange rate. On Friday, oil settled above $78 a barrel, just shy of a three-year high reached earlier this week, on expectations that OPEC ministers will maintain a steady pace in raising supply."We are in the perfect storm," Luna said.
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