When asked whether he would replace Petrobras leadership if elected, Flávio said changing the company’s command requires first changing the presidency. The response echoed concerns about the state oil company’s trajectory following asset sales during his father Jair Bolsonaro’s administration, when refineries and other holdings were divested in what critics characterized as efforts to hollow out the company ahead of a potential full privatization.
Campaign economic coordinator Daniella Marques previously indicated more than 20 state-owned companies dependent on treasury resources could face privatization review, specifically citing the National Center for Advanced Electronic Technology and Empresa Brasil de Comunicação. She mentioned Banco do Brasil as a potential divestment target while exempting Caixa Econômica Federal. However, fellow economic coordinator Adolfo Sachsida later stated that Petrobras, Banco do Brasil, and Caixa would not be sold, reflecting the mixed signals emanating from the campaign’s economic team.
Flávio accused the Lula government of preparing a “bomb” for fuel consumers through subsidy programs set to expire immediately after the election. He claimed the administration provided a 2-real-per-liter diesel subsidy that terminates October 26, the day after voting concludes. The government announced Friday a 30-day extension of fuel tax relief measures for diesel, gasoline, and ethanol, with Finance Minister Dario Durigan citing Middle East conflict impacts on petroleum markets rather than electoral considerations.
Brent crude traded near $104 per barrel Friday afternoon, up sharply from approximately $70 before the Middle East war escalation. The government maintained the extensions carry fiscal neutrality while addressing international price pressures. The Electoral Superior Court’s Vice President André Mendonça ordered removal of social media posts by opposition lawmakers linking Flávio to privatization plans and retirement age increases not included in his government program.
This article was curated and published as part of our South American energy market coverage.
