Oil Prices In Supermarkets Set To TripleThe Macri administration recently eliminated oil subsidies. Oil prices had not risen significantly in Argentina for the past few years, thanks to a number of government-enforced measures. Since 2008, the government had maintained the price of oil through a private trust, subsidizing the store price of soybean and sunflower oil. On Thursday, the National Production Ministry met with the chamber of oil merchants and a price increase was authorized: a 6 percent increase in the price of sunflower oil and a 4 percent increase in oil mixes. Last week, supermarkets experienced oil shortages as consumers flocked to supermarkets to stock up ahead of skyrocketing prices, so area inspectors were called to supervise the stock of oil.

Source: The Bubble August 01, 2016 15:00 UTC