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Brazil’s Petrobras hikes prices, ignoring Bolsonaro

AFP

Brazilian state-run oil company Petrobras announced hefty increases in gasoline and diesel prices Thursday in response to the Ukraine crisis, ignoring President Jair Bolsonaro’s criticism of what he calls excessive prices.

Petrobras said it would raise the price of gasoline from its refineries by 18.8 percent and diesel by 24.9 percent from Friday, citing the “worldwide surge in the prices of oil and oil derivatives as a result of the war between Russia and Ukraine.”

The company said the move was in line with increases by other fuel suppliers, and emphasized that it had not raised prices in nearly two months.

But the move will likely irk the far-right president, who has been trying to rein in surging fuel prices and inflation more broadly, phenomena which are hurting his popularity as he gears up to seek reelection in October.

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Bolsonaro, who regularly criticizes Petrobras for high prices, said Monday the company’s policy of parity with international prices “cannot continue.”

Petrobras shares dove more than seven percent following the comment.

That echoed a stock plunge of more than 20 percent just over a year ago, when Bolsonaro changed Petrobras’s chief executive after saying the company should not be constantly “surprising people” with price increases.

Bolsonaro is pushing for Congress to pass legislation to bring fuel prices down, though experts say the short-term impact would be minimal.

He is also reportedly looking at decreeing emergency subsidies to lower prices.

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Both measures are unpopular with fiscal conservatives.

Surging prices in Brazil, where the annual inflation rate stands at 10.38 percent, are a weak spot for Bolsonaro as he eyes a tough reelection battle in seven months, likely against leftist ex-president Luiz Inacio Lula da Silva.

The international oil market has been rocked by volatility since Russia invaded Ukraine two weeks ago.

The Brent crude price hit a peak of $139 a barrel Monday, a 14-year high, before falling to around $116 Thursday.

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International

Ombudsman confirms deaths of six minors in bombing targeting FARC dissidents

Colombia’s Ombudsman’s Office reported on Saturday the deaths of six minors who had been recruited by guerrilla groups, killed during the deadliest airstrike ordered by President Gustavo Petro in an Amazonian region in the south of the country.

Amid pre-election criticism and pressure from the United States demanding stronger action against drug trafficking, Petro has intensified military operations against armed groups. Over the past week, a series of bombings have left 28 people dead.
The minors were killed in an airstrike announced on Tuesday against a camp belonging to dissident factions of the now-defunct FARC guerrilla in the department of Guaviare, resulting in 19 deaths—the largest operation of its kind under Petro’s administration.

“This is all deeply regrettable; it is war in its most painful and inhumane expression, harming the most vulnerable—minors recruited due to lack of protection and now turned into military targets,” said Ombudswoman Iris Marín in an audio message sent to the press, confirming the deaths of six minors without providing their ages.

Marín held the guerrilla group led by the country’s most-wanted man, alias Iván Mordisco, responsible for recruiting the children.
However, she also stressed that “the military forces must take every feasible precaution to protect children,” in accordance with international principles that require “careful evaluation of the means and methods of warfare to avoid disproportionate or unnecessary harm.”

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International

Colombia reaches $4.5 billion deal to acquire 17 Gripen Fighter Jets from Saab

The Colombian government has finalized a negotiation agreement with the Swedish company Saab for the purchase of 17 SAP-39 Gripen fighter jets, valued at more than $4.5 billion, according to local media reports.

Colombian outlets indicated that payments are scheduled to begin in 2026, starting with an initial installment of 100 billion Colombian pesos. However, the aircraft will be delivered between 2027 and 2032, when the final jet is expected to arrive in Colombia.

This new contract represents the second-largest public purchase made by Colombia so far this century, surpassed only by the investment in the Bogotá metro system, local media noted.

The agreement is expected to be officially signed during the ceremony commemorating the 216th anniversary of the Colombian Aerospace Force, to be held in Cali on November 14 of this year.

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International

Venezuela accuses U.S. of using Naval Deployment to pressure Maduro government

The world’s largest aircraft carrier, the USS Gerald R. Ford, joined the U.S. Navy’s anti-drug operation in Latin America on Tuesday—a deployment Venezuela has condemned as an attempt to pressure President Nicolás Maduro from power.

In a statement, the U.S. Southern Command confirmed that the carrier, ordered to deploy nearly three weeks ago, has entered its area of responsibility, which includes Latin America and the Caribbean.

“The world’s largest aircraft carrier will strengthen the United States’ ability to detect, monitor, and dismantle illicit actors and activities that threaten the security and prosperity of U.S. territory and our safety in the Western Hemisphere,” said Pentagon spokesperson Sean Parnell.

According to the White House, the U.S. government under Donald Trump has carried out about twenty operations in the Caribbean and the Pacific since early September, resulting in the deaths of 76 suspected drug traffickers.

However, U.S. authorities have not yet presented evidence that the targeted vessels were being used for drug trafficking or posed a direct threat to the country.

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The operations have raised concerns in Caracas, where the Maduro administration views the deployment as a strategic move aimed at provoking regime change in Venezuela.

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