Business

Bolsonaro plans to wield control over Petrobras

Fuel prices have been a constant headache for the Brazilian president. An upcoming board election at oil giant Petrobras could help him pull strings

petrobras Fuel prices are gone way up in recent months, and President Bolsonaro tries to pin the blame on state governors. Photo: Joa Souza/Shutterstock
Fuel prices are gone way up in recent months, and President Bolsonaro tries to pin the blame on state governors. Photo: Joa Souza/Shutterstock

Brazilian oil and gas giant Petrobras will elect a new board of directors on April 13. The personnel change happens at a moment of intense pressure — as Brazilians feel the acute pinch of skyrocketing fuel prices. A standard 50-liter gas tank currently costs a third of the minimum wage in some cities, and President Jair Bolsonaro continually lambasts the company for pegging prices to international oil rates.

With the election looming in October, the president knows that high fuel prices will hinder his chances of winning a second term. While Mr. Bolsonaro has refrained from ostensibly interfering with Petrobras...

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