There was a behind the scenes fire between Massa and the oil companies due to the 4.5% rise in gasoline


In the last official measurement of INDEC, with a May of 7.8%, there was an item that passed the double-digit barrier. Housing marked 11.9% last month.

In this combo, there are rental expenses, rates and there are also fuels, whose prices are sensitive to variations in the CPI due to the price agreement that the oil companies signed with the Government.

The possibility that these double digits will be repeated this month due to the impact and spillage that any rise in gasoline has throughout the economy ignited the orange alert in the economic team.

Both tariffs and fuels will stop rising towards the end of the year because their increases go hand in hand with the reduction in subsidies that the economic cabinet committed to in the renegotiations with the IMF. Tomorrow, a technical team will travel to the United States to speed up the renegotiation of the agreement that provides for a crucial disbursement to cover the maturities of the next sixty days. (See page 19).

With that almost 12% in the item in question, the oil companies made another reading that promptly ignited the bad mood of the Minister of Economy, Sergio Massa.

Some oil companies intended to apply increases of up to 5.5%. In the economic team they slip that there was even talk of 8% from the private sector.

They were hours of fury. And Massa would have personally called those responsible for the oil companies to make it clear that the maximum increase is 4.5%, including YPF. Indeed, the increase was that from yesterday morning, which represented a rise of eleven pesos per liter.

“This adjustment helps to offset the variation in the official exchange rate, the differences in logistics and operating costs, the narrowing of the gap between fuel grades and the increase in biofuel prices,” the oil company excludes in a statement.

Massa will continue betting on the slowdown this month and even in July, when the final stretch of the PASO begins. The head of the Palacio de Hacienda wants to stop inflation from overheating like in April.

What would have irritated the minister the most is that there is a dialogue table with the oil companies to discuss the increases and that the companies in the sector operated to raise the ceiling on the increase already authorized by the minister.

In any case, in the sector they discount that the price agreement will probably have to be renegotiated for the second half of this year.

In the economic cabinet they want to avoid an adjustment plan for the middle class, which is what the toughest sector of the ruling coalition reproaches them for despite that objective. For this reason, from the perspective of the Palacio de Hacienda, having been able to show for the first time since the beginning of the year a specific figure of inflationary “slowdown” was key and they do not want to put it at risk in the next sixty days.

Of course, this “core data” is having dropped from 8.4% to 7.8% between April and May, which is more than what some neighboring countries accumulate inflation in a whole year, such as Paraguay, Peru, Uruguay or Brazil. .

To friendly fire, the economic team retorts with decrees to oxygenate stressed pockets. On Friday, decree 316/2023 was published in the Official Gazette, which formalized the decision that the half bonus will be exempt from income tax for gross wages of up to $880,000.

On the same day, Decree 315/2023 established the 41% increase in the monotribute scale.

Today there are 4,781,614 monotributistas, of which the majority belong to the lowest billing category.

In the heated exchange over the weekend, the minister reminded the oil companies that pressed for greater increases that everything related to Vaca Muerta and the Néstor K gas pipeline, which they have been demanding since President Alberto Fernández took office, has been accelerated since his administration.

You may also like...