PETROBRAS: Senate Speaker Demands Predictability In Fuels Price Increases

(RTTNews) - The speaker of the Brazilian Senate, Eunicio Oliveira, (MDB-CE) has demanded the state-owned oil company Petrobras for greater predictability in fuel prices and called for a broader participation of the National Petroleum, Natural Gas and Biofuels Agency (ANP) in controlling this market.

During a meeting with Ivan Monteiro, the new Petrobras' CEO, Oliveira said that the ANP should have a broader participation in the discussion on Petrobras' pricing policy because the company holds the virtual monopoly of oil refining in Brazil.

"We are also concerned about the consumer in this regulation by the ANP and the predictability. I continue to say that Petrobras was wrong by allowing too many increases," he said after the meeting.

Monteiro also spoke after the meeting and said he had "a very transparent conversation."

"There was a very important exchange of information. I was able to inform him of Petrobras' own initiative in April of this year to open the refining market for Brazil," said the executive.

The ANP has opened a public consultation that goes until July 2 regarding the periodicity of the readjustments in fuel prices. Petrobras said it would send proposals to the regulatory agency. "We think the ANP has a fundamental role. It is a market regulator and Petrobras will participate in the public hearing with all its technical expertise," Monteiro said.