June 1, 2018 / 11:42 PM / in 5 months

Argentina to raise fuel prices after negotiating with companies

BUENOS AIRES, June 1 (Reuters) - Argentina’s energy ministry said on Friday it would raise gasoline prices by between 4.5 and 5 percent nationwide starting on June 2 after negotiations with oil companies.

The government had announced on May 8 a price freeze agreement with state-run YPF, Pan American Energy, and Royal Dutch Shell through May and June to try to control inflation.

The energy ministry’s statement on Friday said the deal had been “reformulated” to take into consideration higher international oil prices, a weaker exchange rate and the cost of biofuels.

Prices will rise again by up to 3 percent in July, the statement said. The price increases will include a tax that went into effect this week. (Reporting by Caroline Stauffer and Juliana Castilla; Editing by Sandra Maler)

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