Business

Market roundup: Nothing to see here, says Petrobras amid policy change

Brazil's oil major announced a governance change which, in theory, gives the government more influence over the firm's pricing policy. Petrobras, however, says it's just a formality

petrobras stock market
Petrobras cut gasoline prices twice in the past two weeks. Photo: Rubens Cavallari/Folhapress

🔔 The dashboard: Brazil’s benchmark stock index Ibovespa went up by 4.3 percent this week. Meanwhile, the Brazilian Real gained 6 percent against the U.S. Dollar this week. 

  • Biggest gains: Petrobras (oil and gas), +16.4 percent.
  • Biggest drops: Americanas (retail), -12.1 percent.

“Just a formality,” says Petrobras on new pricing policy governance

In a conference with analysts to discuss its second-highest quarterly results ever, officers of state-controlled oil giant Petrobras insisted that the slight change made to its pricing policy guidelines is “just a formality.” 

State of play. On Wednesday, the Brazilian government sent a proposal to transfer the responsibility...

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