Saturday, 2 June 2018

Head of Brazil's oil giant Petrobras Pedro Parente, Parente resigns amid protests

The head of Brazil's oil giant Petrobras, Pedro Parente, has resigned, following a nationwide strike by lorry drivers that caused huge disruption.

The strike against diesel prices, which ended this week, caused major shortages in the country.

Many of the protesters blamed Mr Parente for rising costs, after the company stopped subsidising fuel prices for its domestic consumers.

However, Petrobras gave no specific reason for the resignation.

In his resignation letter to President Michel Temer, Mr Parente said the strike challenged the pricing policy he had implemented.
Mr Parente said his role "as CEO had stopped being positive" and the government needed to consider "alternatives" to its pricing policy going forward, according to Reuters news agency.

Two years ago, former energy minister Mr Parente pegged the price of fuel in Brazil to international oil prices, which have since almost doubled.

BBC    News.

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