There were many questions at Brazilian state-run oil company Petrobras's annual results conference: is pandemic mayhem behind us for good? Will the incoming chief executive keep the firm on its cost-cutting trajectory?

But the one that intrigued the internet was: what exactly is the deal with the CEO's T-shirt?

Ditching the usual white-collar shirt, outgoing chief executive Roberto Castello Branco addressed the video conference with investors in a "Mind the Gap" T-shirt, the phrase made famous by the London Underground.

President Jair Bolsonaro is replacing Petrobras CEO Roberto Castello Branco - here in 2019 - with an army general with no experience in the oil industry
President Jair Bolsonaro is replacing Petrobras CEO Roberto Castello Branco - here in 2019 - with an army general with no experience in the oil industry AFP / Mauro Pimentel

Castello Branco, an economist well-liked by the business sector, said it was a reference to his goal "to close the gap with our peers in the global oil industry."

But many wondered whether it was really a jab at President Jair Bolsonaro, who decided last week to replace Castello Branco with army reserve general Joaquim Silva e Luna, a former defense minister with no oil industry experience.

That triggered fears the far-right president will try to make Petrobras hold fuel prices artificially low as he eyes re-election next year.

The switch of CEOs caused a massive sell-off of Petrobras stock, which nose-dived by more than 20 percent, wiping out $13 billion in market value
The switch of CEOs caused a massive sell-off of Petrobras stock, which nose-dived by more than 20 percent, wiping out $13 billion in market value AFP / CARL DE SOUZA

"Interesting outfit choice by Castello Branco at the 2020 earnings webcast now, considering all the discussions on the fuel price gap that led Bolsonaro to appoint a new CEO," journalist Sabrina Valle wrote on Twitter.

"I love that he used (this) shirt in his first public appearance as the soon-to-be-ex-chief of Petrobras," wrote another, @elpabrito.

"An intelligent manner to explain" the dangers of holding prices below international market levels, he added.

President Jair Bolsonaro's CEO switch triggered fears that he will try to make Petrobras hold fuel prices artificially low as he eyes re-election next year
President Jair Bolsonaro's CEO switch triggered fears that he will try to make Petrobras hold fuel prices artificially low as he eyes re-election next year AFP / EVARISTO SA

"'Mind the Gap': Petrobras chief sends message to Bolsonaro," headlined O Globo newspaper.

Bolsonaro has criticized Castello Branco's management in recent days and said Petrobras should not be constantly "surprising people" with price increases.

The firm has increased prices 35 percent this year as the global oil market recovered from its Covid-19 rout.

The CEO switch caused a massive sell-off of Petrobras stock, which nose-dived by more than 20 percent Monday, wiping out $13 billion in market value.

"Perhaps he is referring to Petrobras stock value gap on Monday caused by Bolsonaro's intervention in the company," quipped Twitter user Daniel Camargo.

Whether or not he meant to send a message to Bolsonaro, Castello Branco probably did not need a T-shirt.

Investors at the conference heaped praise on his management of Petrobras, which he concluded with solid results.

Despite oil prices slumping to historic lows last year, Petrobras erased its pandemic losses to post a profit of $1.3 billion in 2020.

Castello Branco has led long-struggling Petrobras for two years. In 2019, he delivered the company's all-time record profit: $10.2 billion.

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