MercoPress. South Atlantic News Agency

Argentina’s YPF imports fuel to meet demand for the first time in 30 years

Loading gasoline in Buenos Aires

Argentine-Spanish oil company YPF said on Tuesday that it plans to import 50 million litres of gasoline as demand outstrips supply. Argentina, an oil-producing country where fuel is subject to government price controls, has not imported gasoline in 30 years.

“Everyone is putting less fuel on the market, except YPF; the people have come to YPF in search of the missing fuel,” corporate Communications Director Sergio Resumil said, blaming his firm’s domestic competitors for the shortage.

He said YPF, the Argentine subsidiary of Spain’s Repsol, is turning to imports as an “exceptional” measure and that the 50 million litres represents a little more than a month’s supply.

Resumil said the other firms in the Argentine fuel sector – Brazil’s Petrobras, Esso and Royal Dutch Shell – reduced both oil production and refining here by 200,000 cubic meters in January and February.

Moreover, he said, YPF has secured 56% of the market by undercutting its competitors on price, and he sought to reassure consumers that the company can meet Argentina’s needs.

“There is gas and there is fuel, people just have to have a little patience,” Resumil said.