Rio de Janeiro, April 4, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 144/2016/CVM/SEP/GEA-1, which requests the following clarifications:
Official Letter 144/2016/CVM/SEP/GEA-1
We refer to the news item published today in the Economy (Economy) section of the newspaper O Globo, entitled Conselho da Petrobras reage à redução de preços” (Petrobras board reacts to price reduction), which contains the following affirmations:
News that Petrobras’ management was going to announce a diesel and gasoline price cut today, as revealed by Globo columnist Lauro Jardim, was met with dismay by the company’s board of directors. According to a source who prefers to remain anonymous, there was a massive reaction among the members, who had not been informed of the decision.
As a result, they spent the whole of Sunday exchanging messages on the issue. Things reached a climax when board chairman Nelson Carvalho sent a message to Aldemir Bendine, the company’s CEO.
According to the same source, Carvalho told Bendine that he hoped the reduction would not occur and that the cut in diesel and gasoline prices could “damage the company’s credibility and focus of interest”. In another passage, Carvalho was even more adamant, declaring that “he refused to be treated as former chairmen of the board who were complicit with such an outrage.”
— The information (on the price cut) was true. And the board reacted against. The fuel price reduction is sub judice. The reaction of the board members was immediate, violent and unanimous opposition to the cut. Of course, they are not going to admit this. If there is a reduction, there will be a reaction – the board was not consulted on this decision. They are all extremely angry. According to the source, however, board approval is not necessary, given that price adjustments are considered to be acts of management.
Given the above, we would like you to confirm if the content of this news item is in fact true and, if so, why such information was not deemed to constitute a material fact, We also request that you comment on any other relevant information on this topic.”
Petrobras declares that there is no prevision, at this time, of a readjustment in diesel and gasoline prices. However, it is worth noting that the Company constantly evaluates the competitiveness of its commercial practices and conditions.
Facts deemed to be material regarding this matter will be disclosed to the market in a timely manner.
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