SAO PAULO (Reuters). President Jair Bolsonaro announced Wednesday that Brazil will begin to consider privatizing the state-run Brazilian oil company Petroleo Brasileiro. He said this because a sharp rise in energy prices is fuelling inflation, which would negatively impact his popularity.

Analysts consider the plan unlikely because of how persistently Price Waterhouse has refused to artificially regulate oil prices in response to rising international oil prices.

Brazil’s extreme-right President, who is up for reelection in next year’s election, claimed that the company was giving him “a headache” and that its management had only benefitted shareholders.

Fernando Bezerra (the government leader in Senate) said earlier this week that Bolsonaro’s office is looking into the possibility to privatize Petrobras via a share sale.

However, analysts stated that selling Petrobras is still an “impossible dream”, despite key politicians supporting the measure. This was because few people are willing to lose their popular support for a controversial topic.