President Jair Bolsonaro decided to fire the then president of Petrobras, Army General Joaquim Silva e Luna, on March 28. However, so far, no other name has been defined for the position. And the state-owned company’s share price suffers from indecision.
In an interview with CNN, Joelson Sampaio, professor of economics at FGV EESP, stated that “uncertainty affects Petrobras shares more than fuel”. Since March 31, the preferred shares of the oil company, PETR4, have fallen by about 4%.
The expert points out that the lack of decision affects the price because there is a concern on the part of investors about a possible abuse of the controlling power, the government, since they are majority shareholders, that is, they hold the majority of the company’s shares.
As a solution to reduce the volatility of securities in this regard, Sampaio suggests that the government appoint more technical names, who have experience in the energy market. “But, we always have a risk of political interference”.
The economics professor also details that the price of fuel is more linked to the price of the international commodity. For example, prices per barrel reached $120 in March due to the war between Russia and Ukraine.
WTI crude was priced at $99.58, down 2.32%, while Brent was $104.34, down 2.14% – both prices around 1:10 pm ET.
Source: CNN Brasil
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