Bolsonaro had first mentioned a possible privatization of Petroleo Brasileiro SA – as the company is formally known – earlier this month, when he said he was frustrated to be blamed for rising fuel prices in the country.
“It is very easy. Increase in fuel, Bolsonaro’s fault. I already want to privatize Petrobras. I am willing, I will see with the economic team what we can do,” he had said.
Petrobras has become a hot political issue as energy costs have pushed Brazil’s annual inflation into double digits, hurting Bolsonaro’s popularity ahead of next year’s elections.
Petrobras preferred shares rose 3.5% to 28.12 reais in early morning trading.
Last month, the bank Itaú, the largest in Latin America, announced that it will support the presidential candidacy of João Doria, the governor of San Pablo, from the PSDB. The alliance between the market and Bolsonaro, sealed by the reformist plan of the Minister of Economy, Paul Guedes, has been weakened after several delays in carrying out key projects, including privatizations of the energy sector.
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