LatinNews Daily - 20 June 2022

In brief: Brazil’s Bolsonaro slams Petrobras price hike

* Brazil’s state-controlled oil company, Petrobras, has raised its fuel prices, drawing the ire of President Jair Bolsonaro. A Petrobras statement, released on 17 June, said that as of 18 June the price of a litre of diesel would rise from R$4.91 (US$0.95) to R$5.61. The price of a litre of petrol has risen from R$3.86 to R$4.06. Petrobras sets its fuel prices in line with international rates, but despite soaring global oil costs had not adjusted petrol prices since 11 March, and diesel prices since 10 May. The company argued that the latest price hike was needed to avoid the risk of fuel shortages in Brazil. The announcement was lambasted by President Bolsonaro, who sees the surging cost of living as a major threat to his chances of re-election in October. Bolsonaro tweeted that “Petrobras may plunge Brazil into chaos” by raising fuel prices, adding that “its chief executive, directors and board members know very well what happened when truck drivers went on strike in 2018, with harmful consequences for Brazil’s economy and the lives of our people.”

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