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Today, the Energy Secretariat issued Resolution 557/2019 (Resolution) modifying the reference exchange rate for commercialization of crude oil in the local market, increasing it from ARS 46.69/USD to ARS 49.30 (+5.58%). The BRENT reference price was maintained at USD 59.

Additionally, the Resolution authorized a 4% increase in fuel and gas oil prices for sales at gas stations, that were frozen as from 9 August 2019.

These modifications are implemented in a context of an increase of crude oil international prices as a consequence of the recent conflicts in the Middle East, and the increasing distortion of local prices due to the freezing regime established in Argentina since mid-August.

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