The supply of gasoil will begin to normalize “in ten days” and by mid-July the inconveniences would already be overcome, given the arrival of the first ships to regasify and the lower consumption of the agricultural sector, estimated today the Secretary of Institutional Relations of the Confederation of Hydrocarbons and Related Trade Entities of the Argentine Republic (cecha), Carlos Gold.
Gold also warned that it is “a calculation” since “we do not know how much the oil companies are going to contribute” of the additional 5% biodiesel cut temporarily authorized for 60 days, above the 7.5% established as a general level.
“Because of the battery of measures (in reference to the increase in the cut of biodiesel and the tax benefits for the importation of gasoil) and the arrival of the ships, I believe that in ten days the situation will not be completely normalized, but it will be much better,” said the former president of cecha.
By mid-July, Gold foresees “a normal situation, because agricultural consumption is going to drop and, although that of the industry may increase, it is expected that the ships will have already arrived to regasify.”
In statements from Corrientes, he asserted that the fuel supply in the province “is somewhat better” and that “in this long weekend there were no queues of trucks” due to “a greater contribution of diesel” and also the “cap” established for foreign vehicles.
For the director of cecha“the origin of this problem takes place in May 2021, when a fuel price freeze was tacitly determined” that lasted until February of this year.
“In those ten months prices moved: there was 35% to 40% inflation and a barrel of crude oil increased by 20%,” he said, while explaining that “of the total gasoil that is consumed in the country, 70% is refined locally and 30% is imported”.
Consequently, he maintained, “bringing that 30% of gasoil imported into the country caused losses and, obviously, the oil companies were faced with the option of stopping importing or charging the gasoil for what it’s worth.”
In this context, he added, “quotas appeared at service stations and any volume above that had to pay an additional cost.”
“That caused a secondary market with a liter of diesel between 70 and 80 pesos more expensive,” he said, while warning that the problem “was aggravated because a consumption record of approximately 20% above the record is being registered. previous”.
For Gold, this increase was due to “several reasons, but the most important is that there is an agricultural export boom, which implies a greater need for transportation and a greater demand for gasoil“.
In addition, he highlighted the incidence of “border consumption, with a trickle that took a quarter of that 20% increase”, although that proportion was “much higher” in provinces bordering Paraguay and Brazil such as Corrientes, Misiones and Formosa.
Regarding the volume of gasoil that it would stop importing due to the rise in the biodiesel cut, Gold estimated it at about 60,000 cubic meters per month, although conditioned to “how much the oil companies will contribute” of the additional 5%.
“The 2.5 point increase (over the previous 5%) represents some 45,000 cubic meters, but 90,000 could be replaced if the cut had been set at 10%,” he assured.
Regarding the refund of taxes to importers of gasoilGold considered that with this measure “a greater market possibility is opened” that would allow “customers to accept a lower premium” than the one currently paid.