Argentine government announces freeze on fuel prices

10 April 2013 22:07  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Argentina's ministry of economy and public finances announced on Wednesday that it is freezing the price of fuels as a way to control inflation, a government news agency said.

Under the measure, which takes effect immediately, fuel retailers cannot increase fuel prices for the next six months.

"The highest price of commercialisation of [fuels] [that] will be applied to all fuel retailers, starting from the validity of this resolution, will be the highest price of 9 April of this year," said the government on Boletin Oficial, Argentina's official gazette.

According to Argentina's government news agency Telam, Osvaldo Cornide, president at Argentine Confederation of Medium-sized Companies (CAME), said the measure would "prevent inflation".

"The price of fuels influences directly or indirectly in all economy," he said.

By: Leo Siqueira
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