"The Federal Government, as controlling shareholder of Petroleo Brasileiro S.A., Petrobras, advises that it decided to make a change to the Company's presidency," said the Ministry of Mines and Energy in a statement.
Without giving specific reasons for the dismissal, the ministry thanked Coelho for his management but said that "Brazil is currently experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets."
The government named as his replacement Caio Mario Paes de Andrade, currently serving as secretary for de-bureaucratization at the Economy Ministry.
The two previous Petrobras heads, Roberto Castello Branco and Joaquim Silva e Luna, were also dumped amid rising fuel prices.
According to the ministry, Andrade holds a postgraduate degree in administration and management from Harvard University and an MBA from Duke University.
"The nominee has all the qualifications to lead the company to overcome the challenges imposed by the current situation," the government statement said.
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