By Haley Zaremba, Oilprice.com – A fuel shortage is causing political turmoil and social unrest in Argentina, and could even result in a food shortage as the South American nation’s grain transporters call or a strike in the face of sky-high fuel prices during the harvest season for soy and corn.
Paraguay's President Mario Abdo Benítez Tuesday signed into law the suppression of subsidies to the price of fuel at pumps which helped the state-run Petróleos Paraguayos SA (Petropar) against all competitors.
The price of diesel in the Falkland Islands has risen. Gareth Goodwin from Stanley Services was quoted by Falklands Television saying volatility risen from the war in Ukraine following the Russian invasion has caused disruptions in global fuel markets.
Paraguayan traders of electric cars have nearly run out of stock as demand grew above projections due to the increasing price of fuel, it was reported Friday in Asunción.
The price of fuel at pumps in Paraguay will be reduced as of Monday, the state-run company Petropar has announced.
Brazil's oil company Petrobras came under heavy criticism Wednesday from President Jair Bolsonaro, who claimed the decision to raise the price of fuel at pumps was both absurd and a crime against the population.
Paraguayan consumers have taken to the streets to protest against the latest increase in the price of fuel at pumps, while unions have threatened to take additional measures if the government takes no action to help them through their new plight.
Argentina's state-run oil company YPF announced a price increase of around 9% in the price of fuel at pumps as of Wednesday, with 2 additional percentage points in the case of premium products.
Brazil's Senate Speaker Rodrigo Pacheco Monday said that come February he intends to put up for voting a bill aimed at creating stability in the price of fuel.
Brazil’s central bank kept its key interest rate at a record-low 2.00% on Wednesday, maintaining its “forward guidance” pledge to keep rates lower for longer and even the possibility of further easing, despite the recent rise in inflation and fiscal risks.