CVM opens process to investigate information leakage at Petrobras

Jair Bolsonaro’s speech about the reduction of fuels that should be announced by Petrobras provoked a reaction from the Brazilian Securities Commission, the CVM, considered the sheriff of the financial market.

Another administrative proceeding was opened to investigate whether there was any leakage or anticipation of information on the company, which trades shares in the Brazilian and international markets.

In response to the column, the CVM stated in a note that “the matter object of its demand is being analyzed in Administrative Proceedings CVM 19957.010061/2021-47. The Autarchy does not comment on specific cases”.

The Commission’s note also provides details on the autarchy’s Resolution 44, which provides for the disclosure of relevant information on publicly traded companies that may affect share prices.

Sources consulted by CNN state that there is no consensus on whether or not there is a possibility for the CVM to question the President of the Republic directly, as he is the institutional representative of the company’s majority shareholder.

At the same time, former directors of the company are concerned about the weakening of the market’s regulatory agency in light of Bolsonaro’s recurring attitude.

Earlier, Petrobras had already positioned itself on the president’s statement, stating that no decision had been taken on fuel prices and denied even having anticipated information about his management.

Last November, Bolsonaro said on a trip to Italy that Petrobras would announce a new increase in gasoline. The decision did not take place and, since then, the international price of oil has fallen sharply.
At the beginning of last month, the price of a barrel of oil on the international market was over US$ 85.

This Monday, the commodity is trading at US$ 72.00, after having experienced a quotation of US$ 66.00 in recent weeks.

In constant monitoring of the price of gasoline charged in Brazil, Infinity Asset points out that the lag of the amounts charged here in comparison with international prices, went from 14% in October to a negative difference of 7.4% now, that is, , gasoline here is more expensive than abroad, which confirms the possibility of Petrobras deciding to reduce it.