On May 9, Petrobras announced it was increasing refinery gate diesel prices by 8.9%. Two days later, Brazilian President Jair Bolsonaro replaced Bento Albuquerque as mines and energy minister.
Albuquerque joins Joaquim Silva e Luna and Roberto da Cunha Castello Branco – both former CEOs of Petrobas – in being dismissed by Bolsonaro over fuel prices.
Adolfo Sachsida, a senior strategic advisor at the economy ministry, has been promoted to head up the mines and energy ministry.
In April, Bolsonaro nominated Jose Mauro Coelho to serve as Petrobras CEO, replacing Silva e Luna, who had himself replaced Castello Branco a year earlier. Bolsonaro has long complained of the company’s market-based pricing policy, but has repeatedly nominated CEOs who support that policy. In fact, on May 6, Coelho said he will not deviate from the policy, reiterating the stance he expressed before taking office.
