Consumer gas prices in Argentina will rise 30 to 40 percent from April, the Energy Ministry confirmed Wednesday.
The rate hike will come into effect from April 1 following a public hearing process that saw gas distributors pushing for a hike of up to 58 percent.
The adjustment is, in effect, a reduction in energy subsidies and forms part of the government’s medium-term plan to fix energy prices closer to real production costs.
The decision is expected to push the cost of living in Argentina up by 8.5 percent.
In a separate announcement today, the INDEC statistics bureau will release data that suggests the rate of poverty in Argentina has declined.
President Mauricio Macri will accompany the presentation with a brief statement to be made from the Olivos presidential palace in the afternoon.