The Government decided to apply a small increase to the fuel tax in order not to increase the pressure on inflation. That is why the increase will only be 3%.
In a scenario of falling sales, the Gasoline and diesel prices have risen again since Thursday, an average of 3%. The increase includes the transfer to the final price of the monthly devaluation of the peso against the official dollar, of 2%, and an update of only 1% in the tax on liquid fuels (ICL).
Through Decree 681/2024, it was ruled that “the effects of the increases that would otherwise be applicable were partially postponed” from July 1, 2024 for unleaded gasoline, virgin gasoline and diesel, until July 31 inclusive. That is why the increase in gasoline in this case will be lower because less of the ICL will be charged. The Government applied only one small increase in the tax in order not to increase the pressure on inflation.
However, over time, various regulations were issued for defer the effects of these tax increases on liquid fuels and carbon dioxide. This deferral has been applied to unleaded petrol, virgin petrol and diesel fuel.
Decree No. 466/2024, issued on May 27, 2024, postponed the increases corresponding to the fourth quarter of 2023 and the first quarter of 2024, establishing a schedule whose last section was to be applied as of July 1, 2024. Subsequently, Decree No. 554/2024, of June 28, 2024, continued with this postponement, extending it until July 31, 2024.
In addition, Article 2 of Decree 681/2024 incorporates a new paragraph to Article 1 of Decree No. 466/2024, indicating that for taxable events that are perfected from September 1, 2024, the total increase in tax amounts will be considered.
How much will gasoline and diesel cost from today?
YPF super gasoline went from $940 to the $970 zone per liter in the City of Buenos Aires (CABA).
Diesel rises from $980 to about $1,010 per liter.
In the year, Fuel prices rose by more than 126% on average, above inflation. As a result of the recession, there has been a sharp drop in premium gasoline, as consumers move to supercars. Between May and June, gasoline consumption fell 10.1% year-on-year.
Source: Ambito
