The Government of Uruguay Monday announced a small reduction in the price of fuel at pumps due to the use -for the first time- of the new Import Parity Price (PPI) adjustment formula devised by the current administration.
Brazilian President Jair Bolsonaro said on Tuesday he would suspend a tax on diesel fuel, to try and placate truckers, but the government would instead hike taxes on banks to offset lost revenue.
More changes are in the pipeline, announced Brazilian president Jair Bolsonaro, after replacing the CEO of the country's oil and gas giant Petrobras with a former general. The move had an immediate impact in markets given the confidence investors had in the removed University of Chicago educated economist, Roberto Castello Branco.
Venezuela will increase fuel prices in June, the president said, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the country has huge oil reserves, production has collapsed and Venezuelans are facing dire shortages - exacerbated by the impact of COVID-19 on the economy.
Argentine president Alberto Fernandez asked the state-managed oil company YPF to roll back a 5% increase on fuels scheduled to become effective, January first, and which would have a major impact on inflation and food prices.
Hundreds of indigenous people and farmers clashed with Ecuadoran security forces on Monday as they marched toward the capital Quito to protest against rising fuel prices.
The retail price of fuel went up around seven percent this weekend in Argentina, for an aggregate 65 percent yearly rise that led impoverished consumers to use other transport means to make up for it.
New Year arrived in Argentina with much needed rainfall relief, but also with a hefty increase in urban transport fares, the same with fuel prices at the pump and the promise of a list of 200 products included in a price agreement with the county’s major supermarkets and retailers.
Municipal elections are over and the Brazilian government had a good performance at the polls having recovered among others the City of Sao Paulo, but contrary to investors’ expectations, the country’s oil and gas corporation Petrobras will not be hiking gasoline prices in the immediate future.
Officials from Brazil's state-run oil company, Petrobras and the government on Thursday confirmed they are studying a fuel price increase to help offset the costs of fuel sector investments.