Petrobras Chief Executive Defends Current Oil Price Policy - Yahoo Finance
Petrobras Chief Executive Defends Current Oil Price Policy
(Bloomberg) -- Brazil’s state-controlled oil giant Petroleo Brasileiro SA will continue with its current price policy, making adjustments only when technical guidelines suggest the need for them.
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“We don’t want uncertainty created by geopolitical factors entering consumer’s homes,” Chief Executive Officer Jean Paul Prates said in a post published Saturday on his account on X, formerly known as Twitter.
Petrobras, as the Rio de Janeiro-based producer is known, announced a new price policy in May combining domestic and foreign factors, abandoning a previous mandate to follow the cost of imported fuel supplies. Prates’ recent comments come after a plea by Mines and Energy Minister Alexandre Silveira to cut diesel prices, which have the most impact on Brazil’s inflation rate.
“I can’t repeat it enough: Petrobras doesn’t create its market prices, but has a commercial policy which follows technical, logistical and operational parameters,” Prates wrote in his post. The company’s current commercial policy focuses on sheltering domestic prices from international volatility, he added.
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