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  HOME | Brazil (Click here for more)

Petrobras CEO Resigns as Strikes against High Fuel Prices End

SAO PAULO – The chief executive officer of the Brazilian state oil company Petrobras resigned on Friday, several days after the government and truckers’ unions reached an agreement to put an end to a truck drivers’ strike against high fuel prices.

The company said in a statement that its board of directors would discuss the appointment of an interim CEO and that no further changes to the board were expected.

Parente was widely criticized for establishing a new fuel price policy, which was one of the factors that sparked the truckers’ strike.

On Sunday, the government agreed to reduce and freeze the price of fuels until the end of the year through subsidies that could cost Brazil as much as 9.5 billion reais ($2.5 billion).

Petrobras also agreed to lower the cost of diesel by 10 percent in the next month, a switch from the company’s market-based pricing policy.

That policy was criticized by truck drivers as well as by oil workers, who ended a two-day strike on Thursday to demand lower fuel prices and Parente’s resignation.

Parente was appointed as the CEO of Petrobras on June 1, 2016, and in a matter of months established a new market-based policy of daily fuel price changes, which recently led to a sharp rise in the cost of diesel due to an upsurge in international oil prices and to the slide in the value of the Brazilian real.

The truck driver’s strike started on May 21 and gradually ended after the government and truckers’ unions reached an agreement on Sunday to cut diesel prices.

 

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