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Petrobras (NYSE:PBR) shares dipped and then rebounded after Brazil President Jair Bolsonaro implied he could replace CEO Joaquim Silva e Luna, adding to recent pressure on the state-run oil company’s pricing policy.
Bolsonaro told a TV interview that the possibility of replacing Silva e Luna as CEO exists, as “everyone in the government can be replaced if they are not doing their job at a satisfactory level… so it doesn’t mean that they will be replaced or that they won’t be replaced.”
Earlier this week, the CEO said he would not leave the company despite facing criticism from Bolsonaro and others over a fuel price hike announced last week.
Petrobras has been pressured to dump its current method of pegging domestic fuel prices to international prices, with Bolsonaro recently saying the company could reduce its profit to prevent fuel prices from exploding.
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