The price of oil has exploded and a new increase of naphtha

At the same time that the government launched the program of "essential prices" to mitigate somewhat the last inflationary surge, the price of oil skyrocketed yesterday in the international market, anticipating an increase in fuels that would be applied from the week end. next. .

The government said it should not negotiate prices with the oil companies, even though it appeared that Governor Alfredo Cornejo needed some intervention in this market, which had been excluded from the market. environment of President Mauricio Macri.

Brent oil, a benchmark in our country, closed yesterday in the London market at $ 74, the highest price since last November, and international badysts predict that it could continue to rise in the coming days.

To this is added the instability of the exchange rate. Although yesterday, the official dollar closed at $ 43.69, lower than the $ 44.4 value recorded on March 29, the oil companies indicated that all the leap forward of the currency in March Had not been moved to prices, and As a result, fuels lost their parity with the import value obtained in February when the dollar was trading around 39 dollars.

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To all this is added the advance of inflation in the first quarter of the year. While in the first three months of 2019, the consumer price index had risen by 11.8%, that of fuel had decreased by about 1% in January, from 1.6 % in February and 2.8% in February. in March and another 4.5% on April 1, well below the accumulated general level.

As for the international oil price yesterday, Brent hit $ 75, while at the end of 2018, it was trading around $ 50. According to badysts, the rise is a consequence of the announcement of the US government. on which it will end the exemptions on the purchase of Iranian oil in order to nullify the exports of this country.

According to international agencies, a further reduction in the Iranian supply will heighten the pressure on a market already adjusted by US sanctions against Iran and Venezuela, as well as by the voluntary cuts in pumping that the US government is doing. OPEC has accepted with other producers such as Russia.