CEO of Brazilian oil company steps down after unpopular price leap

The CEO of Petrobras had betrayed the Brazilian people, according to President Jair Bolsonaro, after the company raised gasoline prices last week. Now the CEO has announced his departure.

Now-former CEO of Petrobras José Mauro Coelho. | Photo: Stringer/REUTERS / X80002

CEO of state-controlled Brazilian oil company Petrobras José Mauro Coelho has resigned from his position Monday amid mounting political pressure following last week’s announcements of price increases, writes Reuters.

The Petrobras share price dropped 5% after the initial announcement, but has since recovered lost ground and was up 1.5% Monday night CET.

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