By Jeffrey T. Lewis
SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or Petrobras, has a new chief executive officer after the state-controlled company's board approved Caio Mario Paes de Andrade for the position.
The new CEO takes over from Jose Mauro Ferreira Coelho, who resigned last week after about two months in the job amid strong criticism by Brazilian President Jair Bolsonaro of Petrobras's recent decisions to raise the prices of gasoline and diesel fuel.
Mr. Bolsonaro is trailing his most likely opponent in October's presidential elections, former President Luiz Inacio Lula da Silva, by a wide margin in opinion polls and is working to bring the country's high inflation rate down ahead of the voting.
Last week, Mr. Bolsonaro signed into law a proposal to reduce state sales taxes on fuels and on other items as part of that effort. The government can't legally order Petrobras to cut fuel prices but it can fire top executives.
Last year, Brazil's government fired respected executive Roberto Castello Branco from the job and replaced him with army general Joaquim Silva e Luna. The government replaced Mr. Silva e Luna with Mr. Ferreira Coelho earlier this year.
Write to Jeffrey T. Lewis at firstname.lastname@example.org
(END) Dow Jones Newswires