SAO PAULO: Brazilian President Jair Bolsonaro on Friday said he would not interfere in the fuel pricing policy set by state-controlled company Petroleo Brasileiro SA, but would seek to end volatility by making changes to state and federal taxes.

Bolsonaro said he intended to present a bill to try to make state taxes on fuel more predictable by either closely reflecting refinery prices or by fixing them. Petrobras shares accelerated their rise to 3% after Bolsonaro comments.