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Latinnews Daily - 23 October 2017
In brief: Argentina
Argentina: YPF, Argentina’s state-owned oil firm, has announced an immediate increase in the price of petrol at the pumps by an average of 10%. This follows the government’s announcement at the start of October that it was removing all the controls imposed on the price of petrol for the past 16 years. However, YPF opted not to increase prices before the midterm federal legislative elections held on 22 October so as not to undermine support for the government led by President Mauricio Macri. As YPF has a dominant position in the domestic fuel market, accounting for a 55% share, its decision not to increase prices meant that its competitors also maintained theirs. But in the wake of YPF’s announcement, other firms have announced average fuel price increases of between 9% and 12%.
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