Petrobras Contradicts Bolsonaro and Claims that Prices Will Increase

President said hours earlier he is looking for ways to reduce cost of fuel

Rio de Janeiro

This Monday (27) Petrobras called a press conference to contradict President Jair Bolsonaro and affirm that it will not change its price policy for fuels, which will bring new price increases shortly.

According to the president of the state-owned company, Joaquim Silva e Luna, "there is no change in the pricing policy."

"We will continue to work the way we always work," said the general, adding that there is no price control, although the company avoids passing on occasional turbulence in the market to the consumer.

Five hours earlier, Bolsonaro advocated ways to reduce fuel prices, warning that "nothing is so bad it can't get worse."

The increase has pressured inflation, and the deterioration of the economy is cited as one of the reasons for the drop in popularity of the president, who seeks to be reelected next year.

Markets reacted well to Silva and Luna's statements.

Translated by Kiratiana Freelon

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