<p>The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices. President Lula had earlier referred to the old policy being aimed to "please investors, to the detriment of the Brazilian people."</p>

<h2><strong>New policy announcement by Petrobas</strong></h2>

<p>The earlier policies adopted by the oil company had delivered record profits of $36 billion last year due to the global surge in fuel prices following the Russia-Ukraine war.&nbsp;<br />
Faced by resistance from investors in Petrobras, the company has still gone ahead with policy changes that would use ‘market references’ for setting fuel prices.&nbsp;</p>

<p><strong>Watch:&nbsp;Is Brazil the next pandemic hot-spot? | Why do bats have so many viruses? | World DNA</strong></p>

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<h2><strong>New policy ends subordination to the import parity prices</strong></h2>

<p>The new policy which puts an end to “the mandatory subordination (of prices) to the import parity price” in US dollars was welcomed by everyone.&nbsp;<br />
Petrobras has announced hefty price cuts to meet the new policy changes; 12.6 percent for gasoline, 12.7 percent for diesel and 21.4 percent for cooking gas.</p>

<p><a href="https://www.wionews.com/world/covid-vaccination-forgery-case-ex-brazil-prez-bolsonaro-questioned-by-cops-denies-tampering-records-593126"><strong>Also Read:&nbsp;Covid vaccination forgery case: Ex-Brazil prez Bolsonaro questioned by cops, denies tampering records</strong></a></p>

<h2><strong>A welcoming policy change</strong></h2>

<p>President Lula posted a video on his social media handle where he can be seen applauding the new policy adapted by Petrobas.&nbsp;<br />
"I am particularly happy, and I think the people will be too. More than a campaign commitment, it is a victory of the people... And it is only the beginning. We are going to invest in industry and the generation of jobs”: President Lula.</p>

<p>Jean Paul Prates, Petrobras chief executive also commented on the issue by saying that "We will continue to be the market reference, without abdicating the company's competitive advantages".</p>

<h2><strong>Rise in share prices</strong></h2>

<p>The share prices of Petrobas rose to more than four percent on the Sao Paulo stock exchange on Tuesday, 16 May, 2023, before setting back at 2.2 percent at the close.<br />
The rise in share prices was an unexpected but yet a welcome occurrence. Oil industry analyst, Israel Rodrigues of Genial Investimentos expected “the market to be something much worse,” perhaps a direct intervention.&nbsp;</p>

<h2><strong>A happy ending for everyone?&nbsp;</strong></h2>

<p>The Russia-Ukraine war that spiked the fuel prices around the globe had become an important issue in President Lula’s election campaign for his third term.&nbsp;<br />
The promise made by President Lula during his election campaigns to regulate the fuel prices had earlier caused anxiousness amongst investors.&nbsp;<br />
However, with the new policy changes adopted by Petrobas while maintaining its stock prices seem to be setting the tone for the fuel prices in Brazil right.&nbsp;</p>

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The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices.

The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices. President Lula had earlier referred to the old policy being aimed to "please investors, to the detriment of the Brazilian people." New policy announcement by Petrobas The earlier policies adopted by the oil company had delivered record profits of $36 billion last year due to the global surge in fuel prices following the Russia-Ukraine war. Faced by resistance from investors in Petrobras, the company has still gone ahead with policy changes that would use ‘market references’ for setting fuel prices. Watch: Is Brazil the next pandemic hot-spot? | Why do bats have so many viruses? | World DNA × New policy ends subordination to the import parity prices The new policy which puts an end to “the mandatory subordination (of prices) to the import parity price” in US dollars was welcomed by everyone. Petrobras has announced hefty price cuts to meet the new policy changes; 12.6 percent for gasoline, 12.7 percent for diesel and 21.4 percent for cooking gas. Also Read: Covid vaccination forgery case: Ex-Brazil prez Bolsonaro questioned by cops, denies tampering records A welcoming policy change President Lula posted a video on his social media handle where he can be seen applauding the new policy adapted by Petrobas. "I am particularly happy, and I think the people will be too. More than a campaign commitment, it is a victory of the people... And it is only the beginning. We are going to invest in industry and the generation of jobs”: President Lula. Jean Paul Prates, Petrobras chief executive also commented on the issue by saying that "We will continue to be the market reference, without abdicating the company's competitive advantages". Rise in share prices The share prices of Petrobas rose to more than four percent on the Sao Paulo stock exchange on Tuesday, 16 May, 2023, before setting back at 2.2 percent at the close. The rise in share prices was an unexpected but yet a welcome occurrence. Oil industry analyst, Israel Rodrigues of Genial Investimentos expected “the market to be something much worse,” perhaps a direct intervention. A happy ending for everyone? The Russia-Ukraine war that spiked the fuel prices around the globe had become an important issue in President Lula’s election campaign for his third term. The promise made by President Lula during his election campaigns to regulate the fuel prices had earlier caused anxiousness amongst investors. However, with the new policy changes adopted by Petrobas while maintaining its stock prices seem to be setting the tone for the fuel prices in Brazil right. WATCH WION LIVE HERE ×

Brazilian oil company Petrobas scraps international price peg

<p>Leftist Luiz Inacio Lula da Silva has launched his presidential bid against Brazil's far-right incumbent Jair Bolsonaro.</p>

<p>Calling on Brazilians to unite behind him to defend Brazil's democracy from the authoritarian government, Lula accused his adversary of constantly trying to hide his incompetence from&nbsp;the nation.</p>

<p>According to Lula, "The most serious moment the country is going through forces us to overcome our differences and build an alternative path to the incompetence and authoritarianism that govern us."</p>

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<p>The charismatic but tarnished steelworker-turned-politician told a rally in Sao Paulo that Bolsonaro's administration is "irresponsible and criminal."</p>

<p>"We want to join democrats of all political positions, classes, races, and religious beliefs ... to defeat the totalitarian threat, the hatred, violence, and discrimination hanging over our country," he added.</p>

<p>After presiding over a golden period that lifted some 30 million Brazilians from poverty, Lula left office with approval ratings of 87 per cent.</p>

<p>Even the campaigning for Brazil's presidential election does begin until August, Lula can give arch-enemy Bolsonaro a tough competition in the polarising clash.</p>

<p><strong><a href="https://www.wionews.com/world/alarming-deforestation-in-brazils-amazon-hits-new-records-kicks-off-climate-concerns-477061">Also read |&nbsp;Alarming! Deforestation in Brazil’s Amazon hits new records, kicks off climate concerns</a></strong></p>

<p>He had missed the 2018 presidential race after he was convicted of corruption charges under an investigation called "Operation Car Wash" that centered on state-run oil company Petrobras.</p>

<p>Despite calling the case a conspiracy, Lula was jailed from April 2018 to November 2019 on charges of accepting a bribe.</p>

<p>However, corruption charges against Lula, that sidelined him from politics, were annulled by the Supreme Court in March last year.</p>

<p>(With inputs from agencies)</p>

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<p><strong>Decode the geostrategy, diplomacy, and ideologies of the world's unending wars. Catch our special series World at War every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.</strong><br />
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Leftist Luiz Inacio Lula da Silva has launched his presidential bid against Brazil's far-right incumbent Jair Bolsonaro. Calling on Brazilians to unite behind him to defend Brazil's democracy from the authoritarian government, Lula accused his adversary of constantly trying to hide his incompetence from the nation.

Leftist Luiz Inacio Lula da Silva has launched his presidential bid against Brazil's far-right incumbent Jair Bolsonaro. Calling on Brazilians to unite behind him to defend Brazil's democracy from the authoritarian government, Lula accused his adversary of constantly trying to hide his incompetence from the nation. According to Lula, "The most serious moment the country is going through forces us to overcome our differences and build an alternative path to the incompetence and authoritarianism that govern us." The charismatic but tarnished steelworker-turned-politician told a rally in Sao Paulo that Bolsonaro's administration is "irresponsible and criminal." "We want to join democrats of all political positions, classes, races, and religious beliefs ... to defeat the totalitarian threat, the hatred, violence, and discrimination hanging over our country," he added. After presiding over a golden period that lifted some 30 million Brazilians from poverty, Lula left office with approval ratings of 87 per cent. Even the campaigning for Brazil's presidential election does begin until August, Lula can give arch-enemy Bolsonaro a tough competition in the polarising clash. Also read | Alarming! Deforestation in Brazil’s Amazon hits new records, kicks off climate concerns He had missed the 2018 presidential race after he was convicted of corruption charges under an investigation called "Operation Car Wash" that centered on state-run oil company Petrobras. Despite calling the case a conspiracy, Lula was jailed from April 2018 to November 2019 on charges of accepting a bribe. However, corruption charges against Lula, that sidelined him from politics, were annulled by the Supreme Court in March last year. (With inputs from agencies) Watch WION's live TV here: Decode the geostrategy, diplomacy, and ideologies of the world's unending wars. Catch our special series World at War every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

Brazil presidential election: Lula launches his campaign against Bolsonaro

Brazil&#39;s interim President Michel Temer dismissed graft allegations against him as dishonest and reckless, pledging in a national address on Thursday that his government would not be distracted from fiscal reforms aimed at reviving the economy.<br />
<br />
Temer said it was &quot;irresponsible, ridiculous, mendacious and criminal&quot; to suggest, as former Petrobras executive Sergio Machado did in plea bargain testimony, that he had sought campaign funds for his party from a graft scheme at the state-run oil company.<br />
<br />
The testimony, made public by the Supreme Court on Wednesday, was the first direct link between Temer and the sweeping corruption probe that has thrown Brazil&#39;s politics into chaos and deepened its worst recession in decades.<br />
<br />
&quot;I say it again, when an idea as flippant as this comes out, it embarrasses or can embarrass the government&#39;s activity. But I want to say here, to register, loud and clear, nothing will embarrass our intentions, our mission, our task during the period in which I am in front of the presidency of the republic, with an extraordinary economic team, with a foreign affairs team which is equally as extraordinary, and a very adequate ministry. Nothing will impede us from continuing to work for the good of Brazil and the Brazilian people,&quot; said Temer in Brasilia on Thursday.<br />
<br />
The highly charged plea bargain implicating Temer and two dozen other elected officials, many of them senior members of his ruling coalition, stole the thunder from a landmark fiscal reform revealed the same day.<br />
<br />
Machado&#39;s plea deal included allegations that Temer had sought campaign funds for his party&#39;s 2012 Sao Paulo mayoral candidate from the graft scheme at Petrobras, the biggest ever uncovered in Brazil.<br />
<br />
The accusations provide more fodder for suspended President Dilma Rousseff and her allies, who accuse Temer and his party of&nbsp;&nbsp;mounting the impeachment process against her in order to distract from their own roles in the corruption scandal. Rousseff faces a trial in the Senate on unrelated charges of breaking budget rules.<br />
<br />
(Reuters)

The testimony by Petrobras executive Sergio Machado has thrown Brazil's politics into chaos and deepened its worst recession in decades

Brazil's interim President Michel Temer dismissed graft allegations against him as dishonest and reckless, pledging in a national address on Thursday that his government would not be distracted from fiscal reforms aimed at reviving the economy. Temer said it was "irresponsible, ridiculous, mendacious and criminal" to suggest, as former Petrobras executive Sergio Machado did in plea bargain testimony, that he had sought campaign funds for his party from a graft scheme at the state-run oil company. The testimony, made public by the Supreme Court on Wednesday, was the first direct link between Temer and the sweeping corruption probe that has thrown Brazil's politics into chaos and deepened its worst recession in decades. "I say it again, when an idea as flippant as this comes out, it embarrasses or can embarrass the government's activity. But I want to say here, to register, loud and clear, nothing will embarrass our intentions, our mission, our task during the period in which I am in front of the presidency of the republic, with an extraordinary economic team, with a foreign affairs team which is equally as extraordinary, and a very adequate ministry. Nothing will impede us from continuing to work for the good of Brazil and the Brazilian people," said Temer in Brasilia on Thursday. The highly charged plea bargain implicating Temer and two dozen other elected officials, many of them senior members of his ruling coalition, stole the thunder from a landmark fiscal reform revealed the same day. Machado's plea deal included allegations that Temer had sought campaign funds for his party's 2012 Sao Paulo mayoral candidate from the graft scheme at Petrobras, the biggest ever uncovered in Brazil. The accusations provide more fodder for suspended President Dilma Rousseff and her allies, who accuse Temer and his party of mounting the impeachment process against her in order to distract from their own roles in the corruption scandal. Rousseff faces a trial in the Senate on unrelated charges of breaking budget rules. (Reuters)

Brazil's Temer denies alleged link to Petrobras scandal

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