YPF to lower fuel prices in October

The oil company YPF said in a statement that it will lower its fuel prices starting on October 1, although a tax increase and the devaluation of the peso will limit the impact on retail prices.

According to the company, there will be a 1% reduction in gasoline and a 2% reduction in diesel at the pumps, as the devaluation and tax increase contribute to a 3% rise in the final price of the products.

This decision is mainly due to a drop in the international price of Brent crude oil, which is a part of the pricing structure of all fuels globally, YPF's statement said.

Oil prices fell and were on track to decline for the third consecutive month due to a solid supply outlook.

"I want to reach a fair agreement with consumers. No one should be subsidizing anyone," said YPF president Horacio Marín. "If international crude prices rise, fuel prices locally will increase. If prices fall, we will lower them," he stated.

The southern country is facing a complex economic situation, with a high inflation rate despite the orthodox measures applied by the local government.

The latest Market Expectations Survey (REM) conducted by the central bank estimated that inflation would reach 122.9% this year.