Petrobras CEO denies change in oil giant's pricing policy

The hike in fuel prices is part of the Brazilian government’s agenda in Brasília for the second day in a row. Finance Minister Eduardo Guardia and Energy Minister Moreira Franco met Petrobras CEO Pedro Parente today (May 22) to address the issue. At the end of the meeting, Parente told journalists that the Brazilian government never considered changing Petrobras' pricing policy.

The government officials' meetings are taking place at the same time as truck drivers are staging walkouts for an indefinite period of time, with road blockages across the country. Demonstrators are protesting against the increase in diesel, which has made their service more expensive.

Late in the afternoon yesterday (21), President Michel Temer called an emergency meeting on the topic with Ministers Moreira Franco (Mines and Energy), Eliseu Padilha (chief-of-staff), Eduardo Guardia (Finance), Esteves Colnago (Planning), and Federal Revenue Secretary Jorge Rachid, at the Planalto presidential palace.

New hikes

Also yesterday, state-run oil giant Petrobras announced it will increase diesel by 0.97% and gasoline by 0.9% at the refineries today. Last week, prices surged multiple times.

Cutting taxes on fuel has been studied. In some cases, taxes amount to over 40% of the price.

Chief-of-Staff Eliseu Padilha said the government has sought ways to make fuel prices more “predictable.”