Brazilian President Jair Bolsonaro said on Saturday he already has support from congress to start a probe into state-controlled oil giant Petrobras and its pricing policy.
Speaking at an event with evangelical supporters, Bolsonaro said there will be enough lawmaker signatures to start the probe and he believes the investigation could make it lose around 30 billion reais ($ 5.8 billion) in market value on Monday. Petrobras shares plunged as much as 10% on Friday after it announced another domestic fuel price increase.
Brazil’s leader, who is seeking reelection in October, has been publicly bashing Petrobras for what he calls “abusive profits” and has sacked three of its chief executive officers over frustration with the company’s wholesale fuel prices that track international levels while the government struggles to curb inflation.
