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Petrobras head resigns as Brazil President rages about fuel prices

Bolsonaro had already fired Coelho in May and named a replacement, but he remained in the role while the state-owned oil firm went through the formal procedures for appointing the next CEO

Photo: Bloomberg
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Photo: Bloomberg

Peter Millard and Vinícius Andrade | Bloomberg
Petrobras’s chief executive officer Jose Mauro Coelho resigned following a fuel price increase that has angered President Jair Bolsonaro and prompted calls for a congressional inquiry.

Petroleo Brasileiro SA, as the company is formally known, announced his resignation in a statement on Monday. Bolsonaro had already fired Coelho in May and named a replacement, but he remained in the role while the state-owned oil firm went through the formal procedures for appointing the next CEO.

The Rio de Janeiro-based company, which recently lost the title of Latin America’s most valuable publicly-traded firm to miner Vale SA, lost about 35 billion reais ($6.8

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First Published: Jun 20 2022 | 11:33 PM IST

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