Oil regulator says Petrobras shakeup will not change refinery policy

Brazil’s oil sector regulator ANP does not see President Jair Bolsonaro’s appointment of a new Petrobras CEO altering the country’s policy of opening up the domestic refinery market to private investment, ANP director-general Rodolfo Saboia said.

Shares in Petroleo Brasileiro SA, as the company is formally known, plummeted 21% on Monday after Bolsonaro pledged to alter fuel pricing policies to bring down domestic prices, following the management shakeup. Petrobras has previously announced plans to sell off several refineries.

Reporting by Marta Nogueira; Writing by Jake Spring; Editing by Rosalba O’Brien

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