Government plans lock to avoid Petrobras readjustments in election year

The government is discussing the creation of a mechanism to prevent Petrobras from readjusting fuel prices after the new change in command of the company and less than five months before the elections.

Two measures still under study were mentioned by government officials in recent days to Sheet. One of them would establish ranges for the international price of oil – and, if the price of a barrel varies within the delimited values, the company would not be able to make adjustments.

To exemplify the measure, a hypothetical range of US$ 85 to US$ 125 for a barrel of oil is cited among government officials. The idea is that, if the international price varies only within the band, Petrobras would be prevented from carrying out readjustments – being authorized only if the quotation exceeds the band ceiling.

The idea was discussed at Sheet in the last days. It is emphasized that this is just a possibility and there are no closed numbers – but, on the other hand, it is also mentioned that the idea is frequently commented on among government officials and that it was even brought to President Jair Bolsonaro (PL) shortly before they choose the new holder of the MME (Ministry of Mines and Energy), Adolfo Sachsida.

Sachsida was appointed by Bolsonaro to the command of the MME precisely after suggesting to the president different ideas to contain fuel prices in the country. The suggestions were already being discussed by the new minister in the economic team amid other possibilities.

Another idea mentioned is a minimum interval of 100 days for readjustments – which would prevent the last readjustment, made with a shorter time compared to the previous update. This change has been debated internally since the management of Roberto Castello Branco (the first president of Petrobras in the Bolsonaro government), but has never been implemented.

Whichever way it chooses, the government has frequently given indications behind the scenes that it wants to avoid the oil company’s readjustments at a delicate moment in the electoral race – in which Bolsonaro is suffering wear from inflation while former president Luiz Inácio Lula da Silva (PT) maintains the lead in research.

A Datafolha survey shows that, for most Brazilians (68%), Bolsonaro’s administration is responsible for the rise in fuel prices.

About a week ago, Bolsonaro criticized Petrobras’ pricing policy, saying that the company’s rules are not above the Constitution.

“Everyone has to collaborate, it’s not about earning more money in the crisis. Unfortunately, this is what some sectors do, like Petrobras itself. ‘Oh, it has the statute’. Statute […] is not above the Constitution,” Bolsonaro told supporters in the playpen at Palácio da Alvorada.

An interlocutor heard by the Sheet in recent weeks he has explicitly said that it is more advantageous for Petrobras shareholders for the company to hold prices now to avoid the return of Lula, who –in the expressed view– would end the company as of 2023.

The official note published by the MME this Monday reinforces the signal for a change on the readjustments when commenting on the change in command of the company. “Working and contributing to a balanced scenario in the energy area is fundamental for the generation of value for the company, generating benefits for the whole society”, says the text.

The possible changes in Petrobras’ pricing policy were already mentioned by government officials in recent days as they took for granted the change in command of the company, which was announced this Monday (23). To replace José Mauro Coelho at the helm of the company, Caio Mário Paes de Andrade was invited.

The view is that the departure of minister Bento Albuquerque from the command of the MME and the entry of Sachsida opened the possibility for changes and can be compared to a new football coach dissatisfied with the old players of the team.

With the exchanges, Minister Paulo Guedes (Economy) assumes a privileged position of command over Petrobras, who now has two former members of his team in strategic positions on the subject – in the leadership of the Ministry of Mines and Energy and also in the presidency. from the oil company.

The changes are supported by the economic team. according to Sheet showed, Petrobras’ price policy was criticized in a reserved way by members – who even counted on an action by Cade (Administrative Council for Economic Defense) to contain the values.

But CADE’s general superintendent, Alexandre Barreto, told the Sheet that will not interfere with the company’s pricing policy. It remained for the government to find other ways out.