The Brazilian Securities and Exchange Commission (CVM) opened an administrative proceeding involving Petrobras this Monday, after the President of the Republic, Jair Bolsonaro, declared, on Sunday, 5th, that the state-owned company would announce a reduction in fuels by the end of December .
Process number 19957.010061/2021-47 deals with the supervision of news, material facts and communications and was initiated by the Management of Monitoring Companies 1 (GEA-1) of the autarchy, which must analyze the recent facts involving the company.
“Petrobras begins this week to announce a reduction in the price of fuel,” Bolsonaro said to the website power360 on Sunday.
According to the portal’s report, the president did not give details about the percentage of reduction, but declared that the drop should continue for a few weeks.
Petrobras said on Monday, in a statement, that it does not anticipate decisions on price adjustments. “Petrobras reiterates its commitment to the practice of competitive prices and in balance with the market, while avoiding the immediate transfer of external volatility and the exchange rate caused by cyclical events,” stated the state-owned company.
The company said that it continuously monitors the markets, which includes, among other procedures, the daily analysis of the behavior of our prices in relation to international quotations. “Petrobras does not anticipate readjustment decisions and reinforces that there is no decision taken by its Executive Market and Prices Group (GEMP) that has not yet been announced to the market,” he says.
When contacted, the CVM informed that it does not comment on specific cases.
Criticism to the state
Pressed by mayors and congressmen, Bolsonaro has criticized the increase in fuel prices and pointed out that governors are responsible for charging ICMS, a tax collected by states. On some occasions, the president even mentioned Petrobras’ pricing policy, which follows the international price of oil, and said that the company “only gives you a headache”.
Last week, Economy Minister Paulo Guedes once again questioned the advantages of keeping Petrobras as a state-owned company, but listed on the Stock Exchange. He has already stated several times that he would like to privatize the company once and for all.
“The state-owned company listed on the Stock Exchange helps society, drops prices and ends up going bankrupt, as in the past government? Or does it turn the market around, put the price up there and – in quotes – squeeze the consumer, as is happening now with oil? Petrobras does not satisfy anyone, and the bomb is in the lap of the government”, said Guedes.
On Monday, the price of oil closed at a sharp rise, supported by more positive evaluations regarding the Ômicron variant of the coronavirus, which, according to the first studies by health authorities, has not caused serious cases of the disease after the infection.
On the New York Mercantile Exchange (Nymex), the barrel of WTI oil for January was up 4.87%, being quoted at US$ 69.49, while that of Brent for the following month rose 4.58% on the Intercontinental Exchange ( ICE), in London, reaching US$ 73.08.
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