Brazilian antitrust watchdog CADEade will begin an investigation on Wednesday, December 5, that may result in mandatory sales of refineries by state-controlled oil company Petroleo Brasileiro (Petrobras), newspaper Valor Economico reported.
According to the paper, CADE is analyzing the influence of Petrobras on fuel prices. The company controls almost 100% of refining in the country. CADEade and Petrobras did not immediately comment on the matter.
Petrobras proposed earlier this year to sell a 60% stake in four refineries. But a truckers strike that pressured the company’s pricing policies spooked buyers, and a decision by Supreme Court Justice Ricardo Lewandowski forced the company to halt the sale process.