Image copyright AFP Image caption Protesters blamed Mr Parente for rising costs, after the company stopped subsidising fuel prices for domestic consumers

The head of Brazil's oil giant Petrobras, Pedro Parente, has resigned, following a nationwide strike by lorry drivers that caused huge disruption.

The strike against diesel prices, which ended this week, caused major shortages in the country.

Many of the protesters blamed Mr Parente for rising costs, after the company stopped subsidising fuel prices for its domestic consumers.

However, Petrobras gave no specific reason for the resignation.

In his resignation letter to President Michel Temer, Mr Parente said the strike challenged the pricing policy he had implemented.

Mr Parente said his role "as CEO had stopped being positive" and the government needed to consider "alternatives" to its pricing policy going forward, according to Reuters news agency.

Two years ago, former energy minister Mr Parente pegged the price of fuel in Brazil to international oil prices, which have since almost doubled.

After years of corruption scandals involving senior politicians and officials, his policy had helped Petrobras recover its market value.

The oil giant is controlled by the Brazilian government and is regarded as one of the world's biggest oil companies.

In January, the company agreed to pay almost $3bn (£2.18bn) to settle a class action suit in the United States, after investors said their holdings were damaged by a corruption scandal facing the firm.

Brazil's government had said it will not use Petrobras to subsidise fuel.

But the departure of Mr Parente has led to some speculation that Brazil may go back to its old fuel pricing policy of subsidies for those from low-income backgrounds.

Shares fell by more than 20% following his resignation on Friday.

Petrobras' paradox

By Daniel Gallas, BBC South America business correspondent

What can a country do against rising global oil prices? That's a question Brazil has been grappling with for about a decade.

From 2011 to 2016, Petrobras offered great subsidies to consumers, which helped keep Brazil's inflation down and secured job creation.

But it suffered huge losses that threatened the company's long-term prospects.

Then in 2016 came Pedro Parente and the company took a U-turn. All subsidies were lifted and fuel costs began to oscillate according to global prices.

Its financial credibility was restored but diesel consumers - particularly lorry drivers - felt a shock when global oil prices shot up.

Mr Parente's resignation suggests some form of government intervention in prices will come.

But few investors will be pleased with the idea of purchasing shares in a company that is focused on tackling inflation and unemployment, rather than just producing oil.</s>RIO DE JANEIRO (Reuters) - Pedro Parente, the chief executive officer of Brazil’s state-controlled oil producer Petroleo Brasileiro SA, has resigned his post on Friday after a nationwide trucker strike forced the government to lower diesel prices.

In a statement, the company said the board will choose an interim CEO on Friday and that the company’s other top executives will remain.</s>RIO DE JANEIRO (Reuters) - Pedro Parente, the chief executive officer of Brazil’s state-controlled oil giant Petroleo Brasileiro SA who breathed new life into the scandal-plagued company, resigned on Friday, after a paralyzing nationwide trucker strike forced the government to lower diesel prices.

The company said in a statement the board would choose an interim CEO on Friday and that the company’s other top executives would remain.

Petrobras ADRs plunged as much as 14 percent, while trading in the Brazil-listed shares was suspended following the announcement.

A key plank of Parente’s turnaround campaign for Petrobras and a condition for his taking the job in 2016 was freedom to control fuel prices. He sought to align those more closely with international markets through nearly daily price adjustments.

But on Sunday President Michel Temer, governing with rock-bottom approval ratings, announced plans to placate the striking truck drivers - who were protesting the high cost of diesel - by freezing fuel prices on a monthly basis and taking other measures to bring domestic diesel prices down.

Although Temer promised the government would compensate Petrobras for any losses, the move may have crossed Parente’s red line against political interference.

Parente had said he would not quit during the crisis. But rumors swirled about a possible exit after Parente, a turnaround expert, was named chairman of troubled poultry company BRF in April.</s>Fuel prices have skyrocketed over the past weeks across India. In Delhi, petrol prices have touched an all-time high of Rs 77.47 per litre, while diesel rate on Thursday was Rs 68.53 per litre. In Mumbai, petrol and diesel rates were Rs 85.29 and Rs 72.96 per litre, respectively. The Indian Oil Corporation’s cuts in the past two days have been insignificant to say the least.

With the fuel prices being revised almost daily, it is becoming difficult to keep track of what you need to pay to fil your tank. This is where apps like MapMyFuel, Daily Petrol/Diesel Price, and more come in. These apps can make your life easier by displaying daily fuel prices to searching for nearby fuel station. Some even let you manage your fueling history and calculate petrol/diesel price for the entire amount you need, based on cities. Let us take a look at five such Android apps that will let you check fuel prices, and more.

Also Read: Petrol price cut by 7 paise, diesel by 5 paise

Daily Fuel Price app displays prices calculated based on current fuel price and fuel price of the previous day. An easy way for people who want to glance at fuel prices before leaving home, the app shows petrol and diesel prices of cities marked as favourite upfront for the current day. Users can mark up to six cities as favourites to quickly know the fuel prices. Of course, there is an option to divulge deeper to check fuel price list of all Indian cities. In this case, the app will display cities in alphabetical order with diesel and petrol prices next to their name. Another useful feature is that users can click on individual cities or states to know diesel, petrol prices of the last seven days.

Also Read: To cut fuel rates, government works on ONGC plan

MapMyFuel is an app dedicated to offering users a full-fledged fueling experiencing. It is quite elaborate with giving users options that range from displaying daily fuel prices of various cities to finding nearby petrol stations and rating them. MapMyFuel shows fuel prices from companies such as IndianOil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), Reliance Petroleum, Essar Petroleum and Shell India. Users can look for CNG, Indraprastha Gas Limited (IGL) as well AutoLPG stations as well.

In addition, the app helps in tracking a user’s vehicle’s mileage, while giving data on how you have filled up in the past. Users need to sign-up for the app with their mobile number. A feature that many users might find useful is fuel prices are at specific fuel stations so that users can decide which one to go for, depending on the cost.

Daily Fuel Price app does more than just display fuel prices. For instance, users can find a petrol station nearby and also look at the fuel chart of petrol/diesel rates of Indian Oil, Bharat Petroleum etc for the last seven days. Users can choose a city to check the current day’s fuel prices as well as find a petrol station nearby. Another unique feature is the mileage calculator, which calculates fuel cost per litres based on Odometer Start and Stop reading that users will have to put in. An option to check CNG and LPG Gas is currently disabled, with the feature listed as coming soon.

Daily Petrol Diesel Price in India GST Rate Finder can be used to calculate both fuel prices in various cities as well as GST rates. The app claims to have rates available for over 500 cities in India, with data from multiple petrol pumps owned by Indian Oil, Hindustan Petroleum, Bharat Petroleum and more. Another feature that I found very useful is that you can easily calculate exact pertrol/diesel rates of companies for cities using the Calculate Rates feature. For instance, users can put in Delhi to find what the current petrol price HP is offering for the city and calculate how much it will cost if they want six litres. Like other apps, Dailly Petrol Diesel Price in India GST Rate Finder app also shows diesel/fuel prices for the past week. Users can pin their favourite cities for a quick check.

Fuel@IOC app developed by the Indian Oil Corporation Ltd has several features like pump locator, e-bill Loyalty reward points, etc. Do note that the app has been designed keeping in mind Indian Oil customers and users need to log in to access a few of its features. Though limited to Indian Oil petrol stations, the pump locator feature works well and displays nearby petrol pumps on a map. Users can choose from filters such as petrol, diesel, Xtrapremium petrol, etc. The e-bills feature essentially tracks a user’s fuel purchases.

For all the latest Technology News, download Indian Express App</s>President of Brazilian state oil company Petrobras resigns after truckers' strike demanding cuts to diesel prices .</s>New Delhi: State-run Indian Oil Corp. Ltd today cut diesel and petrol prices by 5 paise and 6 paise per litre, respectively, after automobile fuel prices reached record highs on Tuesday.

Friday marked the third day of meagre petrol price cut that comes at a time when the government is exploring a mechanism that may involve state run Oil and Natural Gas Corp. Ltd (ONGC) share the subsidy burden on automobile fuels.

Diesel and petrol price today in Delhi are Rs69.20/litre and Rs78.29/litre, respectively, at Indian Oil petrol pumps.

Retail prices of petrol and diesel in India track the global prices of these auto fuels, not crude, though they are broadly linked to crude oil price trends, which have firmed up.

In response to a query about whether ONGC was asked to share the subsidy burden, chairman and managing director Shashi Shanker on Thursday evening said, “There has been no communication with regard to subsidy sharing.”

Petrol prices were raised daily since 14 May after three state-run firms—Indian Oil, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—refrained from increasing prices since 24 April and paused it while the Karnataka election campaign was going on.

With the dynamic fuel pricing introduced in June 2017, the National Democratic Alliance (NDA) government has maintained that it has no role in pricing. Petrol prices were deregulated in June 2010 by the Congress-led United Progressive Alliance (UPA) government. The Prime Minister Narendra Modi-led NDA government decontrolled diesel prices in October 2014.

Indian Oil reduced petrol and diesel prices by 1 paisa per litre on Wednesday—a move that was mocked by the opposition. Also, the Left-front government in Kerala announced on Wednesday to cut fuel prices by Rs1 per litre from Friday, scoring a political point against the centre amid record prices.

With fuel prices reaching record highs in India, there has been a demand for a cut in excise duty on petrol and diesel ahead of 2019 general elections. However, the NDA government has signalled its intent to stay the course on fuel pricing reforms and said that it was working toward a “long-term solution”.</s>New Delhi: After a one paisa cut in fuel prices which brought a lot of flak to the oil companies and the government, on Thursday petrol prices across the four metros were cut by seven paise a litre and diesel prices fell by five paise.

In the national capital, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday.

In the other key cities of Kolkata, Mumbai and Chennai, the fuel was priced at Rs 80.98, Rs 86.16 and Rs 81.35 a litre respectively, all prices down by seven paise from Wednesday's levels.

This decline in domestic fuel prices comes due to the recent fall in global crude oil prices. On Thursday, Brent crude was priced around $77 per barrel.

This cut in price, however, contrasts against nearly Rs 4 per litre rise during May 14-29, with a daily hike in prices varying around 15-30 paise a litre.

During the last two weeks, prices of petrol touched all-time high levels in Delhi, Mumbai and Chennai while in Kolkata it neared the four-year high level.

Similarly, diesel prices in all the four metros also were at record levels during the period. On Thursday, however, diesel prices also declined by five paise in Delhi, Kolkata, Mumbai and Chennai to Rs 69.25, Rs 71.80, Rs 73.73 and Rs 73.12 per litre respectively.</s>RIO DE JANEIRO/BRASILIA (Reuters) - Petroleo Brasileiro SA’s chief executive quit on Friday in a surprise move that wiped $12 billion off the state-controlled oil producer’s market valuation, after Brazil’s government responded to a national trucking strike by intervening in the company’s fuel pricing policy.

Pedro Parente, who in two years in the job had succeeded in slashing the scandal-plagued company’s debt and restoring it to profitability, said in a resignation letter to President Michel Temer it was clear after the last week’s turmoil that new talks would be needed on pricing policy.

“Given this situation, it has become clear that my remaining as CEO of Petrobras has stopped being positive and will not contribute to the alternatives that the government must consider going forward,” Parente said in the letter.

His resignation appeared to have taken Temer’s already beleaguered government by surprise. A senior presidential source told Reuters on Thursday no such move was expected.

Petrobras said in a statement the board would choose an interim CEO on Friday and other top executives would remain. A company source said the board would meet at 4 p.m. (1900 GMT).

Parente urged Temer to adhere to the company’s corporate governance rules in naming a successor, which would bar any political appointees for the post.

Petrobras shares were down 13 percent in early afternoon trading, pulling Brazil’s wider Bovespa index into negative territory. The real currency weakened as much as 1 percent against the dollar.

The drop in Petrobras shares wiped some 45 billion reais ($12 billion) from the company’s capitalization, according to Reuters’ calculations.

Petrobras, one of the most widely held emerging market stocks, was at the epicenter of a bribery and graft scandal involving some of its key suppliers that began to roil Brazil’s political and business worlds four years ago.

Brazil’s former left-wing government also used the company to subsidize fuel prices, helping drive it heavily into debt.

A key plank of Parente’s turnaround campaign for the company and a condition for his taking the top job in 2016 was freedom to control fuel prices. He sought to align those more closely with international markets through nearly daily price adjustments.

But on Sunday Temer, governing with rock-bottom approval ratings, announced plans to placate the striking truck drivers - who were protesting the high cost of diesel - by freezing fuel prices on a monthly basis and taking other measures to bring domestic diesel prices down.

Truckers have gradually returned to work since then after a protest that left gas stations and some airports without fuel and supermarket shelves bare. The government on Friday threatened to prosecute those calling for a new strike.

“The policy (Parente) put in place was the scapegoat of this whole crisis,” said Roberto Castello Branco, a former Petrobras board member, arguing that Temer’s weakened government must have asked Parente for changes he could not accept. “The pressure on him was enormous.”

“For the country, for the company, a great source of uncertainty has opened that is very dangerous,” he added.

Although Temer promised the government would compensate Petrobras for any losses incurred by its intervention on fuel prices, the move may have crossed Parente’s red line against political interference.

Parente had said he would not quit during the crisis. But rumors swirled about a possible exit after Parente, a turnaround expert, was named chairman of troubled poultry company BRF in April.</s>Former Petroleum and Natural Gas Minister M. Veerappa Moily slammed the central government for decreasing the fuel prices by just 1 paisa after 16 days of price hike. Terming this decision "meaningless" and "cruel", Moily accused the Centre of troubling the Indian citizens. He said, "The current government has put a lot of excise duty on the fuel prices which we didn't impose. The fuel prices are very low in other Asian countries but higher in India. Its making the people of the country suffer."</s>The president of Brazilian state oil company Petrobras has resigned after a crippling truckers' strike demanding sharp cuts to diesel prices.

The 9-day strike ended earlier this week when the government announced plans to subsidize the price of diesel for 60 days. The government went to great lengths to argue it would not interfere with Petrobras' ability to set fuel prices. But markets were not convinced.

Petrobras' stock price dropped sharply in the last two weeks.

In a statement Friday, Petrobras said Pedro Parente had resigned and that an interim CEO would be named.
Pedro Parente, the head of Brazil Petrobras, resigns among protests related to diesel fuel prices.