The delay in the price to the public is such that during the months of April and May there was a greater entry of trucks from neighboring countries, only to take advantage of the main operating cost. In this situation, YPF -the Argentine oil company- ordered at the beginning of June that its network of service stations charge an additional 60% in the price in the case of vehicles with foreign patents. And only from the premium version of the fuel.
It is also worth mentioning that last year the Biofuels Law was modified, reducing the inclusion of biodiesel in diesel from 10% to 5% (the government just raised it to 7.50%). On the other hand, the hydroelectric plants, facing a drop in the rivers, required a greater consumption of diesel for the generation of energy. All this conjunction led to a shortage of fuel for trucking, causing delays in transit times and a contraction of available units. Even though during the first quarter of the year the total amount of imported diesel has risen by 491%.
Regarding gas, our country will need to increase imports given the reduced national production. But two problems are faced: the increase in the international price and the shortage of foreign currency. The return of tourism abroad (while receptive tourism exchanges its dollars in the informal market), the lack of foreign investment and, above all, future foreign debt payments, put all the pressure on the trade balance.
In the pre-pandemic years (2016 to 2019), energy purchases abroad ranged between 8.54% and 10.01% of total imports. But during the first quarter of this year, that share has already risen to 12.23%.
The foreign exchange that will be needed to pay for a larger purchase of energy will not come from the increase in grain exports, but rather from sacrificing imports of final products, supplies and raw materials. Even the need to import more diesel will take away from gas imports.
In short, this year the energy market has begun to influence logistics costs, and will continue to influence restrictions on other imports. And judging by the analyzed variables, the situation can hardly be reversed in the remainder of the year.
Professor of the Bachelor of International Trade at UADE.
Source: Ambito
