Argentina's Economy Minister and presidential candidate Sergio Massa announced Thursday that fuel prices will be frozen until Oct. 31 after a 12.5% increase this week following an agreement with the country's leading oil companies, including the state-run YPF. After a previous 4.5% rise on Aug. 1, fuels accumulated an adjustment of 17.56% this month.
Effective this Thursday, the government of Argentina agreed to defreeze the price of fuel and thus authorize a 4 percent increase after yielding to pressure from province governors and oil companies as the barrel of crude also goes up globally.
Fuel retailer Axion cut down its prices by 3.2% in Argentina, in line with declines of both the US dollar exchange rate and the international oil barrell, it was reported Saturday. Other companies are expected to follow suit shortly.