Why is Petrobras board member Francisco Petros advocating for a fuel price increase?

Francisco Petros, a Petrobras board member elected by non-controlling shareholders, is urging a fuel price increase because the company has incurred $2–3 billion in losses from selling diesel below international prices since the Iran war began — losses stemming from its policy of shielding consumers from short-term volatility. He warns that delaying price adjustments undermines compliance with Petrobras’s own pricing policy, risks reputational damage, and may blur the line between economic necessity and political interference, especially as gasoline prices remain about 30% below global levels despite no wholesale adjustments since the conflict escalated.

What does Petros say about the relationship between Petrobras’s fuel pricing and political influence in Brazil?

Petros states that while he does not see the same 'strict political interference' in Petrobras’s fuel prices as in the past, the current restraint — particularly on gasoline, which has a 'more direct impact on the government’s popularity' — raises concerns that pricing decisions may serve 'some other interest' beyond economic rationale. He argues that demonstrating independence requires concrete action, namely gradual price adjustments, to avoid perceptions that the company is again absorbing losses for political purposes — a pattern that has historically weakened its balance sheet and eroded investor confidence.

Petrobras Board Member Seeks Fuel Price Increase to Stem Losses

Apr 22, 2026

A Petrobras board member warns the company faces billions in losses due to selling diesel below international prices amid the Iran conflict. He urges price adjustments to restore financial independence despite political pressure to shield consumers.

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