Headline:
Nafta and Gasoil Prices Increase by 1.75% Overnight Due to Tax Hike
Article:
The price of nafta and gasoil increased by 1.75% overnight, due to an increase in taxes on these fuels. This adjustment, which had been anticipated, began to take effect this Friday at midnight. The price change is a result of the government’s decision to raise taxes on these combustible, which directly impacts the prices reflected at the pump.
The new tax rates for liquid fuels and carbon dioxide tax were established in Decree 1134/2024, published recently in the Official Gazette. The decree 1134/2024 enables the tax hike, allowing prices to adjust to reflect inflation rates as per the economic ministry’s initiative.
YPF, the state-majority-owned oil company, had initially delayed the implementation of this price hike until after the New Year’s celebrations. As a result, the new prices took effect from January 1st and will remain in place until the end of the month.
In line with this change and reflecting the economic ministry’s pricing reforms, YPF has announced its new fuel prices for January. In the capital, Buenos Aires, the price of premium gasoil will rise from $1.123 per liter to approximately $1.142. Meanwhile, the cost of premium nafta will increase from $1.370 to $1.394 per liter, and the price of nafta super will rise from $1.108 to $1.127 per liter, following the 1.75% increase.
With YPF leading the way, it is anticipated that other oil companies operating in Argentina will follow suit and update their pump prices accordingly.
Related reading