Brazil's Bolsonaro fires Petroleo chief

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Brazil's Bolsonaro fires Petroleo chief

Brazilian President Jair Bolsonaro fired the chief executive of state-owned Petroleo Brasileiro SA a little over a month after appointing him to the job due to the fight over high fuel costs.

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The government thanked Jose Mauro Ferreira Coelho, who was nominated to lead the oil giant in mid-April, but said Brazil is living through challenging times because of the volatility of oil prices around the world. According to a note from the Energy MinistryEnergy Ministry, the administration has appointed Caio Mario Paes de Andrade to replace him.

The note says that in order to ensure job and income growth conditions, it is necessary to strengthen the capacity of the private sector to invest as a whole. It is important to work and contribute to a balanced energy scenario in order to generate value for the company and society. Brazil Names New Leadership for Petrobras in Volatile Transition

Coelho is the third CEO of Petrobras to be fired by Bolsonaro because of disagreements over fuel prices. His predecessor, Joaquim Silva e Luna, was dismissed after about a year in the job, while Roberto Castello Branco was ousted in 2021.

The move comes weeks after Bolsonaro replaced his energy minister just days after Petrobras raised diesel prices, ignoring the president's plea.

Bolsonaro, who is going to be re-election in October, has grown frustrated with the state-owned company's insistence on keeping fuel prices in line with global levels at a time when Russia's invasion of Ukraine and subsequent sanctions have upended the energy market. Bolsonaro is ahead of President Luiz Inacio Lula da Silva in all opinion polls, with economic issues at the forefront of voters' minds.

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