(ADPnews) - Dec 22, 2010 - Argentina's Government officially unfroze the local fuel prices through a resolution promulgated in the State Gazette on Tuesday.
The resolution annuls the government's resolution from August 2010, which ordered to the fuel distributors to reduce the prices to their end-July levels and thus forbid any price increases for an indefinite period of time.
Local oil refiner YPF (BUE:YPFD), which accounts for 55% of Argentina's fuel market, increased its fuel prices last week although the previous resolution was in force until today. The media speculated that YPF had obtained the government's approval prior to the price increases, which ranged from 3% to 5.9% depending on the fuel and the region.
The other distributors are also expected to increase the prices.
The previous resolution affected also the local biodiesel prices due to the diesel blend containing biodiesel.