Petrobras raises fuel prices

- Tuesday, March 12, 2002

Petrobras raises fuel prices

Brazil's federal energy company Petrobras raised its fuel prices in Argentina by 1.66-3.88% in gasoline and diesel fuels, La Nacion reported.

The price rise follows similar fuels increases by the Argentine market's leading fuels distributors, such as Repsol-YPF, Esso and Shell, who recently increased prices by as much as 5.3% to compensate for the country's currency devaluation.

Petrobras controls the Eg3 service station network in Argentina.

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Eg3's super 97 octane gasoline rose 3.49% to US$1.184 a liter, its super 95 octane gasoline rose 3.88% to US$1.069 a liter, regular gasoline rose 1.66% to US$0.914 a liter and diesel rose 3.39% to US$0.609 a liter.

Representatives from the country's transport sector warned that the increases will hurt the transport sector and cause price increases throughout the economy. Leading members of the sector met with President Eduardo Duhalde to ask that the government take action to stop oil companies from raising prices.

"The multinationals are twisting the arm of the president and all Argentines, because they are generating increases in fuels that are going to lead to an explosion," head of Argentina's truck cargo confederation Ruben Agugliaro said.