Brazil’s Bolsonaro on Petrobras president: “If I have to change him five times, I will do it”

RIO DE JANEIRO, BRAZIL – President Jair Bolsonaro said Wednesday (13) that he is willing to change the command of Petrobras, the largest oil company in Latin America, as often as he deems necessary. “Ah, he has changed the president of Petrobras four times. Yes, if I have to change him five times, I will do it,” the president told his supporters.

“Nobody wants to change the president of Petrobras just to interfere. But if this president does not have the social sense provided for in the law, we will act,” he added.

Read more about defiant Petrobras and its lack of consideration regarding the Brazilian people

Petrobras serves the vast majority of the fuels supplied to Brazil’s gasoline pumps. Their pricing policy is, therefore, decisive for the prices paid by the end consumers.

Bolsonaro’s nominee, current Petrobras President Caio Paes de Andrade, is the fifth head of the state-owned company in the current government.

His appointment came amid the Planalto Palace’s important fight against the company’s profit policy, which is considered wrong in light of the current crisis. Brazilians suffer from far too high fuel prices at the pumps in a country of continental dimensions where driving a car or truck is essential for the survival of most.

Petrobras has the highest profit among major oil companies, while Brazil’s population is impoverished.

One month ago, Chamber president Arthur Lira, an ally of the president, said that Petrobras is “in a declared state of war with Brazil and the Brazilian people. The state-owned company was also accused of working for “billionaire profits” and as the “enemy of Brazil.”

Previous Petrobras presidents could not develop the necessary social conscience in the face of rising poverty and hardship in the country. All they cared about was optimizing profits. Jair Bolsonaro, on the other hand, insists that within Petrobras, a balanced assessment of the interests of the shareholders and the needs of the Brazilian population be made and acted upon.

A PoderData poll conducted April 24-26, 2022, shows that 67% of the Brazilian population supports government intervention at Petrobras to lower the price of gasoline, which until recently kept breaking records in the country.

The Bolsonaro government, along with Congress, in a monumental bailout exercise in recent weeks, have together ensured that fuel prices have been declining in recent days for the first time in months.

This has happened, however, not thanks to Petrobras, but rather despite Petrobras which is being considered defiant and hostile in wide government circles.

Addressing supporters outside the Alvorada Palace, Bolsonaro reiterated that Petrobras must make profits. Many media in Brazil do not grasp what is at stake but only (want to) see contradictions in Bolsonaro’s actions.

“It’s not that we don’t want Petrobras to make a profit. The company has to make a profit. But since we are in a time of war, balancing interests must be taken into account. It’s a sacrifice for everyone,” said the president, who is running for re-election.

By far the country’s largest producer, state-owned Petrobras, delivered 2.56 million barrels of oil equivalent per day (Mboe/d) in May, including 1.98 Mb/d of oil and 93.3 million cubic meters of natural gas per day (Mm3/d).