July 6, 2022

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The federal government receives another R$ 8.8 billion from Petrobras' profits

The federal government receives another R$ 8.8 billion from Petrobras’ profits

Although criticized Petrobras Made by the president already Jair Bolsonaro (PL), The federal government is one of the biggest beneficiaries of the oil company’s financial results. On Monday (20), the union will receive another part, 8.8 billion Brazilian reais, from the profits of the state-owned company.

That figure is part of a total, announced this year, of dividends of R$32 billion that will be paid through July to the government of Jair Bolsonaro (PL), the company’s largest shareholder. Between 2019 and 2021, the federation already earned another 34.4 billion R$ in profits (in updated values), according to a survey by Einar Rivero, of TC/Economática.

Petrobras President Jose Mauro Coelho announced his resignation this morning.After strong pressure from President Bolsonaro and Chamber President Arthur Lera (PL).

When adding taxes and royalties to the profits earmarked for the federation, Petrobras pumped 447 billion Brazilian reais into the federal treasury from 2019, the beginning of the Bolsonaro government, until March of this year, according to data from the company’s tax reports, revealed by the newspaper “State of São Paulo” in May.

Looking at the states and municipalities, the amount reaches R$675 billion. The amount paid to the union alone is nearly five times the budget of Auxílio Brasil planned for this year, about R$89 billion.

Since the beginning of the year, to counter criticism from Bolsonaro and the leaders of the National Congress, Petrobras has maintained that its gains go back to society.

The company reported that in 2021 it collected R$203 billion in special and withholding taxes, the highest annual amount ever paid by the company, an increase of 70% compared to 2020. In the first quarter of 2022, it paid another R$70. One billion dollars to the public treasury between profit, taxes and government participation, “practically double the amount collected in the same period in 2021.”

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Problem or solution?

In light of the numbers, economists with a more liberal or orthodox background tend to advocate the use of additional revenue for the government, with SOE profit as a source of financing policies that mitigate the effects of price increases. fuelespecially for the poorest.

By this logic, keeping prices and leaving the account at the state cashier is ineffective, as it affects all firms in the sector and benefits all consumers from the poorest to the richest. Therefore, it would be more efficient to direct the resources, through the treasury, to only the poorest, without affecting the market.

For Chancellor Raul Veloso, criticism of politicians, including Bolsonaro, has to do with the effects of price hikes on voter behavior.

“The best thing is to do something with public money. The money (from the profit) comes to the owner, the main shareholder is the government, and he’s using this in some way to solve this problem for the voters,” he said. Velloso, citing additional payments from Auxílio Brasil to the poorest as a measure to alleviate, for example, gas cylinder inflation.

He added, “Poor mothers who cannot cook, we have no doubt that they need help. The profit comes from that.”

There is almost universal consensus on the need to use policies to mitigate the effects of fuel inflation, a shock reinforced by Russia’s invasion of Ukraine, which occurred when the imbalances caused by the pandemic had not yet faded. The United Kingdom adopted an exceptional tax on the profits of oil companies. President of the United States, Joe BidenIt also puts pressure on the oil companies.

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Petrobras chief resigns

Petrobras President Jose Mauro Coelho announced his resignation this morning.After strong pressure from President Bolsonaro and Chamber President Arthur Lera (PL).

He was the third CEO to lead Petrobras during the Bolsonaro administration. According to the company, Coelho is also leaving the position as a member of the state board of directors.

after announcing Further increases in petrol and diesel prices distributorsLast Friday (17), Bolsonaro defended the creation of the CPI (Parliamentary Commission of Inquiry) to investigate Petrobras, its directors and advisers.

“Our idea is to suggest CPI to investigate Petrobras, its directors and board members. We want to know if there is something wrong with their behaviour, because an adjustment cannot be granted with the fuel on top,” he said in an interview with Radio 96 FM in Natal last Friday ( 17).

*With information from Estadao Conteúdo . Agency