Daily Management Review

Argentine authorities freeze tax on oil industry


According to Economy Minister Sergio Massa, the Argentine government has decided not to impose a tax on the oil industry in an effort to reduce fuel price increases and increase the availability of gasoline.

Due to a shortage of gasoline and diesel, huge lineups have formed outside gas stations in Argentina's main provinces for a number of days. This is because several provinces decided to freeze fuel prices in the face of significant inflation, challenges obtaining dollars, which impacts imports, and strikes at several businesses.

Massa stated on X, "A decree was published today that the state will stop levying a tax on liquid fuels so that oil companies will not increase the price of gasoline and diesel."

He claimed that the companies' requests for price rises of 20–40% "far exceed reality," since the already extremely profitable industry has taken advantage of the exporters' exchange rate advantage.

Argentina's own oil production hit a record 305 thousand barrels per day in September.

source: reuters.com