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LatinNews Daily - 29 November 2022

In brief: Fuel added to Argentina’s price control scheme

*Argentina’s economy ministry has announced an agreement with the main oil companies operating in the country to include fuel in the government’s ‘Precios Justos’ price control programme. Economy Minister Sergio Massa met with representatives from major oil companies alongside the secretaries for trade and energy, Matías Tombolini and Flavia Royón respectively. The agreement saw state oil company Yacimientos Petrolíferos Fiscales (YPF), Argentina-based Axion and multinationals Shell and Puma agree to increase the prices of petrol and diesel by no more than 4% over the next three months and no more than 3.8% the month after, with the government guaranteeing that the companies will have access to foreign currency for their imports. On Twitter, Massa said that agreements such as Precios Justos, “show that when the State and the private sector work together, it is possible to bring peace of mind and certainty to the pockets of the people”. Massa announced the launch of the price controls programme in mid-November. The programme, which was negotiated with suppliers and supermarkets, will fix the prices of over 1,700 mass consumption products over four months in a bid to shield consumers from the impact of rising inflation.

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