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Argentina agrees with oil companies moderate increases in fuel prices to contain inflation

2022-11-29T12:16:07.121Z

Argentina announced an agreement with the main oil companies that operate in the country to establish a "path" of fuel price increases that limit the galloping inflation, in the midst of a delicate financial situation.



Argentine inflation remains on track to be the highest in the region 1:02

(Reuters) --

Argentina announced on Monday an agreement with the main oil companies operating in the country to set a "path" for fuel price increases to limit galloping inflation, amid a delicate financial situation.

The deal with firms such as YPF and Shell contemplates increases in fuels for sale to the public of 4% in December, January and February and 3.8% in March, compared to inflation of 6.3% in October and which could close the year close to 100%.

The decision has "the objective of continuing to build a path in which all sectors contribute to significantly lower inflation, which is the main drama in Argentina," said the Ministry of Economy through a statement.

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What is Argentina doing to curb inflation?

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With the measure, the Government also seeks to prevent the shortage of foreign currency that the country is suffering from affecting the production of a sensitive sector such as energy, which for years has shown a marked deficit in the trade balance.

"The State undertakes to guarantee access to foreign currency for companies, especially for the supply of lubricants, to temporarily reduce taxes on fuel imports in order to guarantee supply for the agricultural sectors," added the portfolio .

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The agricultural sector, one of the most thriving in the world, has experienced difficulties in recent seasons when it comes to planting or harvesting due to the shortage of fuel for agricultural machinery.

Inflation

Source: cnnespanol

All news articles on 2022-11-29

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