(MENAFN) Gasoline and gas oil prices in Argentina have increased on Saturday by 5 percent and 4.5 percent, respectively, in keeping with a decision by the Energy and Mining Ministry.
The raise is the first of two planned price increases the government negotiated with crude producers and refineries, as well as gasoline stations and other fuel suppliers.
According to the ministry, the decision aims "to cushion the impact of fuel price hikes due to the rising costs of the industry, particularly the international benchmark price of Brent crude, the (dollar-peso) exchange rate, and the cost of biofuels."
Analysts expect the price hikes to push up inflation, projected to reach 25 percent this year, above the target of 15 percent initially set by the government.
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