THE Petrol and diesel will see another increase of at least 4% in April due to the increase in fuel taxes. In addition to this, Oil companies would also apply a markup to offset the devaluation monthly peso against the dollar (+2% in the official exchange rate).
The update had been expected since February, when the government released fuel taxes to obtain an annual tax collection close to 3 billion dollars or 0.5% of Gross Domestic Product (GDP), the equivalent of the 10% fiscal adjustment sought by Javier Milei and Luis Caputo this year.
According to data from gas stations, since April 1, the liquid fuel tax (ICL) and carbon dioxide tax (IDC) have increased by 34.8%, so they will have accumulated 376.61% since the beginning of year. This is the current legislation, which carries over inflation from the July-September 2023 quarter.
In nominal terms, taxes on gasoline will increase by $29.96 across the country, and on diesel by $20.39. The exception is Patagoniawhich is exempt from these taxes for the production of resources (oil).
For the City of Buenos Aires, the impact is 3.7% on super petrol; 3% in premium gasoline; 2.4% in diesel; and 1.9% in premium diesel.
Source: Clarin
