YPF Hikes Fuel Prices by 1.75% Nationwide, Setting Modest Increase Record
Argentina — YPF, the country’s state-owned petroleum company, has announced a 1.75% increase in fuel prices effective Friday, January 3. This marks the lowest average increment over the past 12 months, with local fuel prices now in parity with international values.
The adjustment affects both nafta (gasoline) and diesel prices and is expected to be followed by other sector players like Axion, Shell, and Puma Energy, who are anticipated to align their prices accordingly.
YPF asserted that the increase is the lowest recorded in the past year, staying below the official monthly exchange rate hike, known as "crawling peg". The company also cited the holidays as a factor in the timing of the announcement, aiming not to impact those planning trips during the New Year’s celebrations.
New Prices:
- Nafta súper (regular gasoline): $1127.39 per liter
- Nafta premium (premium gasoline): $1393.97 per liter
- Diesel (gasoil): $1142.65 per liter
Despite this latest increase, fuel prices have accrued an average 100% rise in 2024, remaining below the national inflation rate, which reached 112% according to INDEC data.
A historical review indicates significant increases since November 2023:
- Nafta súper: 262% increase
- Nafta premium: 252% increase
- Diesel (gasoil): 248% increase
The tax update in the sector, frozen since 2020, and the accumulated price lag, particularly pronounced in December, contributed to these appreciations.
The fuel price hike accompanies the government’s planned increases in electricity and gas tariffs for January. Gas rates will rise by 1.82%, and electricity by 1.6%, both increments adhering to a gradual adjustment policy, aiming to minimize inflation impact while addressing the tariff lag.
