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Petrobras Pricing Policy Angers Bolsonaro, Copom Minutes Due Tuesday

BRAZIL
  • A bitter dispute between Jair Bolsonaro and Petrobras intensified as the state-controlled oil giant shrugged off the president’s warnings and increased fuel prices, adding to the Brazilian leader’s difficulties as he struggles to contain inflation in an election year.
  • Latest Bloomberg headline: Petrobras Says Idea of Price Freeze Is Board Member Initiative (BBG)
  • Some additional information from Reuters:
    • Brazil state-run oil company Petrobras acknowledges board member Francisco Petros wrote a letter with proposals on fuel pricing policy.
    • Says Petros' letter was a personal initiative, his proposals were not discussed internally.
  • Events this week may help shape market expectations for monetary policy. The central bank will release the minutes of the June 15 Copom meeting; and two key members of the BCB board will hold a press briefing. These are opportunities for policy makers to clarify their views on the net effect of recent tax cuts on inflation and neutral rates.
    • On the data front, the mid-June inflation print may confirm a slightly declining trend for the headline, but core measures should still run hot.
    • Developments regarding Petrobras’ June 17 fuel price hike and any political repercussions will be monitored closely.
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