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.

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