YPF increases fuel prices again: the increase is 3.5% on average throughout the country

YPF, the state majority oil company, announced this midnight a new increase in the prices of its fuels. The rise, which is in force from 0 o’clock, is 3.5% average throughout the country and is due to an increase in the values ​​of two taxes paid by the oil companies.

This is the third rise in almost two months. The previous one, on September 18, had also been 3.5% at the national level, although in the City and the Suburbs the values ​​were somewhat higher. The Ministry of Energy decided on a tax increase that was pending in the last semester and that was scheduled from today.

The government had asked the oil companies not to transfer the increase. But the companies ruled out that possibility, since they are with lower levels of sale.

With this increase, gasoline prices have already risen by almost 15% in the last 60 days. All the delay from December to August began to break free.

YPF will apply another increase in December, according to a presentation by Sergio Affronti, CEO of the oil company. The possibility of a touch-up in November is also contemplated.

The increase is also due to a rise in the cost of biofuels that oil companies must include in their mix.
YPF will apply another increase in December, according to a presentation by Sergio Affronti, CEO of the oil company. Photo Clarín Archive

YPF will apply another increase in December, according to a presentation by Sergio Affronti, CEO of the oil company. Photo Clarín Archive

According to an estimate by Energy Consilium (the consulting firm headed by former Energy Minister Juan José Aranguren), the increase would reach 3.3% in the price of gasoline. That estimate ended up getting quite close to reality, 3.5%, due to the weight of biofuels.

Sergio Affronti, CEO of YPF, said that he has a “price target to reach in December of this year”, although he did not specify the particular number. In the sector they estimate that there will be two more increases, up to 10%. Thus, the second semester will end with a 25% increase in fuel prices.

Naphtha and diesel pay taxes on liquid fuels (ICL) and carbon dioxide (IDC). The updating of these taxes is quarterly. Through a decree, the Executive Branch postponed the application of the increases that it had to carry out for the first quarter and the second quarter.

YPF is coming off a record loss in the second quarter and needs to raise prices further.

The amounts of taxes (ICL and IDC) are updated on a quarterly basis, based on the variations in the INDEC’s Consumer Price Index (CPI).

The idea of ​​gradually modifying the tax rates was to mitigate potential increases (or decreases) in the price of crude oil and that this has an impact on the price of fuels. In the current context (from a barrel to less than US $ 45), it is unlikely that these powers will be used.

With the increases described above, the collection would improve by $ 2.3 billion per month. Consilium calculated that number with the estimated diesel and naphtha sales volumes for the third quarter. However, the application quarter (October-December) could be one of higher shipments due to less sanitary restrictions.

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