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Financial News: ARGENTINA: Government Lift Fuel Price Control

ARGENTINA: Government Lift Fuel Price Control

09/26/2017 - 12:39:00 (RTTNews)

(RTTNews) - Argentina's Energy Minister Juan José Aranguren said Monday that from October 1, the price of liquid fuels will no longer be regulated by the state.

"The price of liquid fuels will be decided by the market," said the official.

Starting in October, the national government will withdraw the Agreement for the Transition to International Prices of the Argentine Hydrocarbons Industry, signed last January by the main players in the sector and which provided for a quarterly update of fuel prices to the public.

Regarding the value of gas, the minister said that negotiations with the companies continue. "The price of a barrel of crude will be linked to the value of international prices. As of October 1, the agreement is suspended (in fuel),and as the international price drops again, it is going to be taken the validity of the agreement," added Aranguren.

The official said that despite the price control lifting, there would be no immediate increase in fuel prices. The market speculates that the hikes will come only at the end of October, after the legislative elections.

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