Pending official confirmation of the drop in the price of gasoline, the Government updated the Fuel Tax based on the inflation number measured by INDEC.
The Government updated 1% the fuel tax (ICL), the day before that the oil companies lower the price of gasoline in the month of October. The AFIP carries out the readjustment based on the variations in the Consumer Price Index (CPI) of the INDEC and impacts unleaded gasoline, virgin gasoline and diesel.
According to the Decree 863/2024 signed by Luis Caputo and Guillermo Francos, published this Monday in the Official Gazette, taxes will increase as follows for the period from October 1 to October 30:
fuels.PNG
Waiting for confirmation of the fuel reduction
Gasoline prices could drop 1.5% and diesel prices by 3%, starting next Tuesday. This is due to the drop in Brent, the international price of a barrel of oil that is taken as a reference in Argentina, which fell 9% in the last month, from US$80 to US$71.
Today, the YPF super gasoline in the city of Buenos Aires you pay $1,059 per literwhile the highest quality is worth $1,309. While the grade 2 diesel quotes at $1,084 and the grade 3 to $1,334.
Although the national oil company will kick off, the rest of the competitors (Axion, Shell -Raízen- and Puma, among others) are expected to follow the same downward path next week.
Why did the price of oil drop from US$90 to US$72?
According to analysts, the price of North Sea oil (Brent) and the Texas WTI plummeted in recent weeks from the records of US$90 a barrel due to the decline in manufacturing activity in China and concerns about a possible recession in the US economy.
Furthermore, days ago the US Energy Information Agency (EIA) reported that Commercial oil reserves fell in the United States, but less than expected by the market. In the week ending August 23, these stocks fell 800,000 barrelsmuch less than the 2.8 million expected by analysts.
But euro zone business activity contracted sharply and unexpectedly in September as the bloc’s dominant service industry stagnated and the manufacturing sector’s slowdown accelerated.
Source: Ambito
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