Uruguay keeps fuel prices unchanged again

Uruguay will again hold fuel prices steady, even though the country’s reference market indicators point to increases for both diesel and gasoline.

From September 1, gasoline will remain at 88.67 Uruguayan pesos per liter, or about $2.13, while diesel will cost 58.68 pesos, or $1.41. Supergas, Uruguay’s liquefied petroleum gas, will remain at 93.56 pesos per kilogram, or $2.25.

The Ministry of Industry, Energy and Mining said the reference sale price indicated a 25% increase for diesel and a 1% increase for gasoline. It said the government was continuing the strategy adopted in April to cushion the domestic market from fluctuations caused by international oil prices linked to the conflict in the Middle East.

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The decision forms part of the strategy adopted since April to cushion the domestic market from variations caused by international oil prices, driven by the conflict in the Middle East.

The ministry said the executive branch would avoid passing international volatility directly to consumers and would make gradual adjustments to provide stability. Fuel prices also remained unchanged in August, while they fell 5% in July after several months of increases.

International benchmark prices rose again during the latest session. Brent crude for October delivery gained 1.32% to $90.49 a barrel, with the report attributing the increase to renewed direct hostilities between the United States and Iran.

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In the context of another rise in international reference prices this month, the executive branch is maintaining its policy of not passing international volatility on to the local market and making gradual adjustments to provide stability for consumers.