Gov't enforces Supply Law, forces Shell to reverse increase in fuel prices

Officials in the Trade Secretariat decided to enforce the Supply Law and ordered the reversal of the increases in fuel prices being put into place by fuel company Shell, according to sources from the Economy Ministry.

Two days ago, Shell put into place an increase of between 2 and 3.6% on fuel prices, due to the “rising cost of raw materials”, according to sources.

With this change implemented, prices per litre for standard petrol in Buenos Aires city and province would have changed from 4.899 to 4.999 pesos.

The Súper would have increased from 4.149 pesos per litre, to 4.299, a 3.6% increase. Diesel (V-Power) would have climbed from 4.499 pesos per litre to 4.609, a 2.4% increase.

Shell is the second-largest fuel company in Argentina, covering 15% of the market, after YPF which covers 57%, Esso with 14% and Petrobras owning 10% of the market.