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.