According to a company insider, argentine oil company YPF has raised fuel prices by around 25%. This move comes as Argentina grapples with high inflation, expected to exceed 180% this year. Other oil companies have also increased gas prices by about 20% nationwide.
🔑 Content Highlights:
✨ YPF’s Daring 25% Fuel Price Increase Amid Argentina’s Economic Challenges.
✨President-elect Milei’s ambitious reforms: adopting the dollar, cutting public spending.
✨Energy Secretary calls for “free fluctuation” in fuel prices, challenging government control.
✨ Milei’s appointment of Horacio Mari to lead YPF raises eyebrows in the energy sector.
This price hike precedes the inauguration of President-elect Javier Milei over the weekend. Milei, a far-right libertarian, won the election with 56% of the vote last month, replacing ruling party Economy Minister Sergio Massa.
As Milei takes office, he faces challenges such as high inflation, depleting foreign reserves, and increasing poverty rates.
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Milei has promised significant economic changes, including closing the central bank, adopting the dollar as the official currency, and cutting public spending. Some citizens, like Franco Hit, acknowledge the tough times ahead, believing that these changes were inevitable.
The incoming Energy Secretary, Eduardo Rodriguez, emphasized the need for “free fluctuation in fuel prices” without indirect government control through YPF, despite the Argentine government holding a 51% stake in the company.
Last month, Milei appointed Horacio Mari, a senior energy executive, to lead YPF, a major player in Argentina’s refined fuels market and a key contributor to the Vaca Muerta project, a significant source of natural gas and crude oil.
News Source: Reuters