Motorists in the Argentine capital, Buenos Aires, have been queueing to fill up their cars with petrol this week.
Motorists in the Argentine capital, Buenos Aires, have been queueing to fill up their cars with petrol this week. They fear an increase in petrol prices. It has been speculated that the cost could go up by 40 per cent.
However, the State-owned petroleum company, Y.P.F. (Yacimientos Petroliferos Fiscales), has refused to give any indication on the size of the increase.
The Argentine cabinet was reported to have already studied the new fuel prices. Such an increase is expected to set off further increases in the price of food and public services.
Local newspapers in Buenos Aires said the new fuel prices were likely to push to cost of transport up by 40 per cent and telephone bills 20 per cent.
Argentina, like most countries in the world, has suffered from continuous price increases. In August, President Maria Estela Peron appealed to Argentines on Television to launch a campaign to beat shortages and rising prices.
And the Economy Minister Alfredo Gomez Morales recently told a group of journalists that inflation in his country was running at 25 to 26 per cent.