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Brazil’s Petrobras Sees Shares Plummet After Price Hike Cancellation

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Oil giant, Petrobras, saw its shares plummet on Friday after the company announced it was cancelling a 5.7 percent diesel fuel price increase. Preferred shares fell by 7.75 percent, making the company lose R$30 billion in market value in a single day.

The decline in share prices not only caused turbulence in the economic realm, but also in the political one, since the decision to cancel the fuel price hike was taken after Petrobras’ CEO, Roberto Castello Branco received a telephone call from Brazil’s President, Jair . . .

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