BUENOS AIRES – The prices of liquid fuels were increased by an average of 10 percent on Sunday in Argentina, marking the fourth hike in fuel prices this year, the official Telam news agency reported.
Fuel prices have risen more than 28 percent on a cumulative basis in the South American country this year.
The price hike applies to fuels sold by major oil companies, such as YPF, Shell, Petrobras and Axion Energy, at service stations, Telam said, citing oil industry representatives.
The government, for its part, has not officially confirmed the increase in fuel prices.
“People have stopped carrying diesel and even gasoline because of the prices” in Argentina, where fuels cost more “than in Chile, Brazil and Uruguay,” Buenos Aires Province Fuel Federation president Luis Malchiodi said Sunday.
Gasoline prices were expected to drop and no one knows “what this hike is related to” because it “would make sense for the minister to talk about the measure,” Malchiodi told Radio 10.
The government also raised fuel prices in January, March and April.
Officials blamed the prior increases on exchange rate fluctuations, which made crude more expensive.