The price of gasoline and diesel will increase by 4% to 5% on Wednesday, May 1. This is due to a combination of factors including currency devaluation and the need for refining companies to recover their margins. Despite the postponement of fuel tax updates until June, the increase in prices at the pumps is expected.
Oil companies are currently facing a 10% gap in diesel prices at the pumps and a 29% gap in gasoline prices compared to import parity. They are looking to close this gap to recover their margins which have fallen since February. The demand for gasoline and diesel has decreased by 12.1% year-on-year in March at the national level, according to consulting firm Politikón Chaco.
The refiners had previously updated their margins between November and January but had to moderate the increases beginning in February due to a shortage crisis in November that led to a steep increase in gasoline prices. However, despite these challenges, the industry is looking for ways to adjust to the changing economic climate and fluctuating fuel prices.