The Executive Power decided to keep fuel rates frozen for August, just as it did in July.
Although the technical report on Import Price Parity (PPI) from the Regulatory Unit for Energy and Water Services (Ursea) indicated a drop compared to the previous month’s survey, the government decided to leave the rates unchanged because there was a lag that compromises the entity’s finances and affects the performance of public accounts.
The Minister of Industry, Energy and Mining, Omar Paganini, He said at a press conference this Wednesday that although the gap between Ancap’s sale price and what the international market guides was narrowed, it was decided to leave the rates to the public unchanged because there is a projected deficit in the numbers of the oil entity for what remains of the year, something that also “impacts” the country’s fiscal numbers.
The minister indicated that currently the projected price at the Ancap pump is still between $2 and $4 below what the PPI establishes, depending on the fuel. The chief added that the situation in the international market is “very volatile” and that, to the extent that this gap is eliminated, it is possible to think of a drop in the retail price in the coming months. Paganini assured that selling at these prices implies for Ancap “to make an effort”.
In the first six months of the year, fuel prices in the domestic market they were corrected five times below what the international reference indicated and on one occasion (July) they were frozen. Between January and June, Ancap resigned income for US$ 120 million. According to its authorities, the entity had as a great ally the high refining margins, which helped it to cope with the resignation of income without major difficulties.
