Petrobras denies changes in the composition of its current board

Petrobras sent a document to the Securities and Exchange Commission (CVM) denying any internal movement to change the composition of its current board. The company’s statement comes after rumors circulated in the press over the last week, indicating that the government would be interested in changing the company’s board.

According to the news, the federal government would be willing to replace three directors of Petrobras. The change would be an attempt to hold back further increases in fuel prices, especially at this time of the presidential campaign heading for the second round. The changes, according to rumors, would take place in the Finance and Investor Relations, Commercialization and Logistics and Governance departments.

“In compliance with the official letter in question, Petrobras clarifies that there is, to date, no decision or internal procedure in the Company aimed at replacing members of the Executive Board. Petrobras reinforces its commitment to market transparency, in accordance with the best corporate governance practices.

With the increase in the price of a barrel of oil in recent days, the first information began to circulate in the market that new increases in the prices of diesel and gasoline could be announced by Petrobras. According to the Brazilian Association of Fuel Importers (Abicom), the negative lag in diesel amounts to 75 cents (13%) in relation to the international market. In the case of gasoline, this difference would be 36 cents (10%).

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