(Reuters) – There is a possibility of replacing Petrobras’ PETR4.SA chief executive, Brazil’s President Jair Bolsonaro said yesterday, adding further pressure to the state-run oil company’s pricing policy.
In an interview with regional TV channel, Bolsonaro said the possibility of replacing Joaquim Silva e Luna as Petrobras CEO exists, although he added “everyone in the government can be replaced if they are not doing their job at a satisfactory level.”
“So it doesn’t mean that they will be replaced or that they won’t be replaced”, said Bolsonaro.
On Monday, Luna, a retired army general, said he would not leave the company despite facing criticism from Bolsonaro and others over a fuel price hike announced last week.
Bolsonaro appointed him to the job last year after his predecessor, Roberto Castello Branco, was fired due to a disagreement with the president over the company’s pricing policy.
Shares in Petrobras fell as much as 2.3% following Bolsonaro’s statement, but were trading 1% down in late afternoon trading. The Bovespa stock Index .BVSP rose 1.5%.
Petrobras, formally known as Petroleo Brasileiro SA, did not respond to a Reuters request to comment.
