Argentine fuel retailers lift pump prices up to 5% as Brent crude holds above $100, YPF holds pricing under buffer mechanism

The price increases took effect in the final week of September 2026, with Raízen-operated Shell stations, Axion and Puma passing through a portion of international crude cost increases to consumers. The Brent crude benchmark relevant to Argentine refiners reached approximately $107 per barrel after surpassing $100, driven by Middle East geopolitical uncertainty. Current pump prices in Buenos Aires reflect a crude reference of $80 to $85 per barrel, creating pressure for further adjustments. Super grade gasoline in Buenos Aires now exceeds ARS 2,200 per liter at the three chains that increased prices, reaching ARS 2,350 at certain locations. Premium grades surpass ARS 2,600 and reach ARS 2,700 in regions outside the capital. YPF maintains super grade at ARS 2,059 and premium at ARS 2,259 in Buenos Aires stations, representing increases of 3% and 2.17% respectively since the buffer mechanism began in April.

YPF controls 56% of the gasoline market and 58% of diesel sales in Argentina. Marín stated that if crude prices persist around $100 for an extended period, Argentine consumers will pay based on that level under free market conditions. He characterized the recent price moves by competitors as within the parameters of the buffer program, noting that increases would be substantially larger without the smoothing mechanism. The buffer system absorbs temporary variations in international crude prices to prevent sharp swings at the pump. Marín credited the arrangement among private sector participants for avoiding regulatory intervention despite price volatility.

Industry sources confirmed the increases vary by fuel grade and company within the 2% to 5% range. The timing of the adjustments splits their inflationary impact across two months. Global oil inventories stand at historic lows, amplifying price sensitivity to geopolitical developments. Marín cited a $10 decline following Saudi Arabian pipeline completion announcements, contrasted with $4 to $5 swings linked to military actions in the region. The government has postponed scheduled fuel tax increases for several months, which would add approximately ARS 233 per liter to pump prices if implemented. This deferred levy represents over 11% of current retail pricing and remains a factor in the sector’s cost structure going forward.