Business

One month in, Petrobras CEO already in the hot seat

Petrobras head José Mauro Coelho could be facing premature dismissal as President Bolsonaro leads an onslaught against rising fuel prices in Brazil, seeking electoral gains

Petrobras CEO Photo: Ricardo Borges/Folhapress
Photo: Ricardo Borges/Folhapress

A week ago, Brazil’s state-controlled oil giant Petrobras announced it was raising diesel prices two months after a massive 24.9-percent hike that led to the downfall of its former chief executive officer. Two days later, President Jair Bolsonaro appointed a new Mines and Energy Minister. Now, Mr. Bolsonaro is saying that Petrobras’s new CEO, José Mauro Coelho, could be on his way out, too.

After just over a month in office, Mr. Coelho has lost his main supporter within the government — former head of Mines and Energy, Bento Albuquerque — and is now in the crosshairs of...

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