Petrobras Brings Government Intervention Risk Back to Forefront, but Sell-Off Likely an Overreaction
On May 23, Petrobras announced a 10% reduction in diesel prices for 15 days to help quell political unrest in Brazil due to rising fuel costs. Management decided the price reduction was in Petrobras’ best interest to avoid blame for the current situation and alleviate the fuel shortages currently plaguing the country. Investors took a different view, however, sending the shares tumbling 15%. This seems like an overreaction based on the immediate financial impact; the BRL 350 million in lost reve...
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