Argentina raised fuel prices starting yesterday, Saturday, in an attempt to address the current situation of the country’s economy, which suffers from a large fiscal deficit.

And the state-owned Argentine Energy Company (YBF) announced that it had raised fuel and diesel prices across the country, by an average of 3.5 percent, as of Saturday (yesterday). According to a statement issued by the press office of the company.

According to the statement, the decision was taken in order to enhance the company’s production goals, taking into account the macroeconomic situation in Argentina, according to Bloomberg News.

The company is still offering a 15 percent discount to health workers due to the “Covid 19” pandemic.

It is noteworthy that «YBF» is a state-owned company engaged in the exploration, production, transportation, refining and marketing of oil and gas.

And last month, Guillermo Nielsen, Chairman of the Company’s Board of Directors, said that the prices of gasoline and diesel (diesel) in Argentina are still much lower than their level in the global markets, indicating that the price of the Argentine peso has not changed against the dollar since last December.

This comes at a time when the Argentine government decided on Friday to extend the economic and social closure measures throughout the country until 11 October, according to a video message published by the press office of Argentine President Alberto Fernandez.

The government has delegated local authorities in the regions to define their own measures for closures. The capital, Buenos Aires, has recently witnessed stability in the number of cases of the Coronavirus that causes Covid-19 disease, while 49 percent of new cases are recorded in the provinces.

As part of the government’s endeavor to improve its financial situation, Argentine member of parliament Carlos Heller said that the government wants to expand the scope of the wealth tax that is collected once from the wealthy to include the wealthy residing abroad from their children. The member of parliament who is promoting this step indicated that Parliament is studying legislative amendment to implement it. This tax currently applies only to wealthy people residing in Argentina.

Heller said during a meeting of the Budget Committee in Parliament that the government intends to introduce an amendment to Article 2 of this tax law to include wealthy people residing abroad, and their shares in companies in Argentina.

Heller added that the legislative amendment aims “to avoid discrimination in treatment between residents and those who have changed their place of residence … This amendment aims to ensure that those non-residents who own shares in Argentine companies pay the tax.”


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