The federal government has come under immense fire for the eye-watering rise in fuel prices. But Jair Bolsonaro is seeking to deflect blame and place the crisis on state governors’ doorsteps

By Janaína Camelo to The Brazilian Report

“Everything’s expensive: gasoline, diesel, kitchen gas. What does Petrobras have to do with that? [Tuesday] at 9 am the floor will question how the company’s prices weigh on us all,” tweeted House Speaker Arthur Lira on Monday, announcing a sitting to grill Petrobras CEO Joaquim Silva e Luna on exactly why gasoline and diesel have gotten so expensive in Brazil.

“Petrobras must be reminded that Brazilians are its shareholders,” said Mr. Lira.

As we explained in today’s issue of the Brazil Daily newsletter, markets were rattled by threats of interference in Petrobras’s pricing policy policy — which since 2016 is pegged to international oil prices and is heavily affected by currency issues. In New York, the company’s American depositary receipt (ADR) dipped 2 percent on Monday’s aftermarket.

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