Brazil’s Petrobas boss defends current oil price policy

Brazil’s state-controlled oil giant Petroleo Brasileiro will continue with its current price policy, making adjustments only when technical guidelines suggest the need for them.

“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.