Oil companies increased fuel prices by up to 30% on Friday, with state-owned YPF showing the highest price jump so far. Sources from the sector told the Herald that Shell oil company kicked off the wave of price increases with a 15% jump in the morning, with YPF following suit at noon.

Buenos Aires YPF gas stations now charge AR$404 for super gasoline, AR$499 for premium gasoline, AR$431 for diesel, and AR$543 for premium diesel.

President-elect Javier Milei appointed Horacio Marín as the new CEO of YPF. Marín is an engineer who worked in the Techint group.

Future Energy Secretary Eduardo Rodríguez Chirillo said in an interview that the new administration will aim for free price fluctuation without the “indirect control the government currently exercises in the market through YPF.”

However, he said that the new government will implement a “compensating fund.”

“This will mitigate increases and reductions in international prices that would have an impact on the domestic price,” he said to the Surtidores (Gas Pumps) website.

— with information from Télam