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Naftas: after the increase in YPF, the owners of service stations warn that another increase is needed before the end of the year

2020-09-19T12:44:15.549Z


They affirmed that the increase announced by the state oil company was "necessary to restore profitability" in the sector. The price adjustment reaches 5% in the City and the GBA.


09/19/2020 - 9:31

  • Clarín.com

  • Economy

The different oil companies that play in the Argentine market began to adjust their prices after the

increase ordered in the early hours of Saturday by YPF

- state-owned and the main company in the market - which raises fuel prices in the metropolitan area by almost 5% from Buenos Aires and about 3.5% in the rest of the country.

Meanwhile, the owners of the service stations

described the increase as "necessary"

and assured that - according to business calculations -

another adjustment is needed before the end of the year

to "restore profitability" for the entire sector.

"The increase

took us a bit of surprise

, despite the fact that during the week statements were made by the CEO of YPF regarding some basic points that he had been considering for the development of the company. Among them was a

progressive increase in price

, although not it was thought that it would be so fast, "said Carlos Gold, vice president of the Chamber of Commerce and Hydrocarbons Entities (CECHA), which

groups together the owners of service stations

.

This is the

second rise in fuel prices in a month

.

The previous one, which reached the pumps on August 19, raised the values ​​of gasoline by 4.5% in the national average,

after eight months of freezing

.

"It was something that the sector had been needing in the face of a general inflationary context; it had become very difficult to rebuild profitability in the face of the increase in inputs and the economy," Gold acknowledged in an interview with the program

"Very early Saturday"

, which is broadcast by Radio Miter.

According to Gold, "there is still an

average increase of 4.5%

to bring import parity, as this type of adjustment is called in technical jargon," which rearranges local prices to international crude oil values.

And although he clarified that "it is not us (for the service stations) who define this price movement, that small increase that is still missing

should take place before the end of the year

."

On Friday night, YPF announced an

increase of almost 5%

in fuel prices in the City and Greater Buenos Aires, while the increase

reaches an average 3.5% in the rest of the country

.

In a statement, the state oil company -which handles more than 50% of the local market- stated that "the objective of this increase is to

sustain the company's production activity

taking into account

the particularities of the country's macroeconomic context

."

"This increase is in line with the decision to restore historical asymmetries at the federal level, closing gaps between the Federal Capital and the interior of the country," he explained about the differences in the increases.

The previous rise ordered by YPF

 had been exactly one month ago

, on Wednesday, August 19, when it

announced a 4.5% rise in the national average

, after eight months of freezing prices.



Source: clarin

All business articles on 2020-09-19

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