Fuel costs rise by 33% in Brazil

Brazil President Jair Bolsonaro fired the president of state oil company Petrobras on Monday after only 40 days in the job.

According to official estimates, fuel costs in Brazil have risen by more than 33% in the last year, resulting in annual inflation of more than 12% and hurting Brazilians’ wallets.

Inflation is a major problem for far-right candidate Jair Bolsonaro, who is trailing leftist ex-president Luiz Inacio Lula da Silva in the polls.

The Ministry of Mines and Energy stated in a statement: “The Federal Government, as controlling shareholder of Petroleo Brasileiro S.A., Petrobras, advises that it has decided to make a change to the Company‘s presidency.”

It congratulated Jose Mauro Coelho for his service but said: “Brazil is currently experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets.”

Coelho was chosen in April to complete the term of his predecessor, Joaquim Silva e Luna, and became the third president of Petrobras to be fired by Bolsonaro as fuel prices rose.

The government requested that Coelho be replaced by Caio Mario Paes de Andrade, the Economy Ministry’s current secretary for de-bureaucratization.

The company’s board of directors must approve him.

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