President said he works to install the investigation on Monday; criticized the state in an evangelical event in the AM
The president Jair Bolsonaro (PL) said this Saturday (June 18, 2022) that Petrobras has already lost BRL 30 billion in market value since the last readjustment on fuels and that it will lose another BRL 30 billion with the CPI (Parliamentary Commission of Inquiry) that he suggested against the state company.
“Last Friday, unfortunately, with the announcement of the increase in fuel prices… Petrobras lost R$ 30 billion in value. I believe that on Monday, with the CPI, they will lose another R$ 30. They don’t think about Brazil.”
The preferred share of Petrobras fell 6.09% on Friday (17.jun). Each paper is now worth R$ 27.31. It is the lowest value since November 23, 2021, that is, in 8 months.
The reason: the company earlier announced a readjustment in fuel prices, which provoked anger at the top of the Bolsonaro government and Congress, which promised changes in the company’s management.
Bolsonaro spoke for just over an hour at an evangelical event called Unção Apostolica no Amazonas. He said it’s “inadmissible” Petrobras boast of profits amid the global crisis.
He stated that he talked with the president of the Chamber of Deputies, Arthur Lira (PP-AL), to install a CPI to investigate the state-owned company as early as Monday (20.jun).
“I talked yesterday with the leader of the government and with the president of the Chamber for us to open a CPI on Monday. Let’s go inside Petrobras. It is unacceptable with a global crisis for Petrobras to brag about the profits it has. In the 1st quarter alone, there were R$ 44 billion in profit.”
Petrobras has been losing value since the end of May with the prospect of an increase in interest rates in the United States, which could put the world’s largest economy into recession. This also weighed on the fall in shares on Friday (June 17th).
The Ibovespa, the main index of the Stock Exchange, lost the symbolic number of 100 thousand points. It ended the week at 99,824 points. The daily drop was 2.9%.
The state-owned stock traded on the New York Stock Exchange fell 3.89%, quoted at US$ 11.61.
Here are the earlier announced increases in products sold to distributors:
- Gasoline – readjustment of 5.18% in the liter, from R$ 3.86 to R$ 4.06;
- diesel – 14.26% increase in the liter, from R$ 4.91 to R$ 5.61.
The new prices start to take effect this Saturday (June 18).
BIGGEST PROFIT OF THE LARGE OIL COMPANIES
Petrobras was the one that had the greatest profit among the big oil companies in the 1st quarter of 2022: US$ 8.6 billion (R$ 44.6 billion).
The profit of the state-owned company surpassed companies like shell, chevron, ExxonMobil, TotalEnergies, Equinor and BP.
THE Petrobras managed to convert 31.6% of its revenues into profits in the period from January to March. The Brazilian state-owned company is the 2nd most profitable among large oil companies analyzed by the Power 360. only loses to the Chinese CNOOCwhich recorded 37.7% profit over revenue in the period.
BOLSONARO IN MIRA
A survey shows that 4 out of 10 Brazilians consider the president to be most responsible for the rise in prices in Brazil. Another 18% attribute inflation to governors. Only 2% point to Petrobras as the culprit.
The data is in search PowerDate held from June 5th to 7th, 2022.
The survey was carried out by PowerDategroup company Power 360 Journalism, with its own resources. Data were collected through calls to cell phones and landlines. There were 3,000 interviews in 309 municipalities in the 27 units of the Federation. The margin of error is 2 percentage points. The confidence interval is 95%. Registration with the TSE: BR-01975/2022.
To reach 3,000 interviews that proportionally fill (as they appear in society) the groups by sex, age, income, education and geographic location, the PowerDate makes tens of thousands of phone calls. Often, more than 100,000 calls are needed until the interviewees are found who faithfully represent the population as a whole. Learn more about the methodology by reading this text.
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