Fuel prices in Argentina grow 35-40% after devaluation

Oil companies operating in Argentina have raised gasoline and diesel prices by 35-40% of the national average after the new government announced its first economic measures, including devaluation, Report informs referring to the La Nación newspaper.

Last week, fuel prices in Argentina have already increased by 15-30%. Since the beginning of the year, gasoline prices have risen by more than 230%.

On December 12, Argentine Economy Minister Luis Caputo presented the first economic measures of the government of President Javier Milei. He said that the authorities’ main goal would be to combat the budget deficit, including by cutting subsidies, and announced an increase in the official dollar exchange rate from 366 to 800 pesos.

Milei took office as President of Argentina on December 10. In his first speech as head of state, he described the situation in the country as critical and stated the need for shock measures in the economy. The libertarian politician advocates minimal government intervention, considers it necessary to abolish the Central Bank of Argentina to fight inflation, promises to privatize state-owned companies and does not rule out a transition to the dollar.