IBOV 171,336.99 ▼ 0.52% IPC MEX 71,564.96 ▼ 0.42% MERVAL 2,848,945 — — USD/BRL5.58▼ 0.01% USD/MXN18.57▼ 0.29% USD/CLP983.69▲ 1.70% USD/COP3,297▲ 0.69% USD/PEN3.42▲ 0.25% USD/ARS1,545▼ 0.03% USD/UYU40.43▲ 3.48% USD/PYG6,196▲ 2.20% USD/BOB11.68▲ 0.19% USD/DOP60.46▲ 2.41% USD/CRC445.62▲ 1.58% USD/GTQ7.64▲ 3.18% USD/HNL26.89▲ 0.13% USD/NIO36.62▲ 1.17% USD/VES899.36▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▲ 2.46% USD/TTD6.72▲ 2.30% EUR/BRL6.23▲ 0.90% BRENT 92.25 ▲ 0.83% WTI 86.38 ▲ 0.40% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.77% GOLD 4,069 ▲ 0.95% SILVER 53.04 ▲ 3.78% SOY 1,224 ▼ 0.02% CORN 449.25 ▲ 0.06% WHEAT 600.50 ▲ 1.31% COFFEE 266.75 ▼ 2.50% SUGAR 18.15 ▼ 0.33% ORANGE JUICE 146.15 ▲ 5.64% COTTON 78.28 ▼ 0.63% COCOA 4,852 ▼ 3.04% BEEF 222.55 ▲ 2.94% CATTLE 326.68 ▼ 0.51% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 ▼ 1.98% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 ▼ 2.49% WEGE3 50.95 ▲ 0.41% PRIO3 60.02 ▲ 1.06% SUZB3 54.46 ▲ 0.48% RENT3 29.79 ▼ 3.37% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 ▼ 3.25% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 ▲ 2.23% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 ▼ 1.21% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45% IBOV 171,336.99 ▼ 0.52% IPC MEX 71,564.96 ▼ 0.42% MERVAL 2,848,945 — — USD/BRL 5.58 ▼ 0.01% USD/MXN 18.57 ▼ 0.28% USD/CLP 983.69 ▲ 1.70% USD/COP 3,297 ▲ 5.67% USD/PEN 3.42 ▲ 0.25% USD/ARS 1,545 ▼ 0.03% USD/UYU 40.43 ▲ 3.48% USD/PYG 6,196 ▲ 2.20% USD/BOB 11.68 ▲ 1.36% USD/DOP 60.46 ▲ 0.10% USD/CRC 445.62 ▲ 1.58% USD/GTQ 7.64 ▲ 3.18% USD/HNL 26.89 ▲ 0.13% USD/NIO 36.62 ▲ 1.17% USD/VES 899.36 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.46% USD/TTD 6.72 ▲ 2.30% EUR/BRL 6.23 ▲ 0.90% BRENT 92.25 ▲ 0.83% WTI 86.38 ▲ 0.40% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.77% GOLD 4,069 ▲ 0.95% SILVER 53.04 ▲ 3.78% SOY 1,224 ▼ 0.02% CORN 449.25 ▲ 0.06% WHEAT 600.50 ▲ 1.31% COFFEE 266.75 ▼ 2.50% SUGAR 18.15 ▼ 0.33% ORANGE JUICE 146.15 ▲ 5.64% COTTON 78.28 ▼ 0.63% COCOA 4,852 ▼ 3.04% BEEF 222.55 ▲ 2.94% CATTLE 326.68 ▼ 0.51% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 ▼ 1.98% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 ▼ 2.49% WEGE3 50.95 ▲ 0.41% PRIO3 60.02 ▲ 1.06% SUZB3 54.46 ▲ 0.48% RENT3 29.79 ▼ 3.37% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 ▼ 3.25% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 ▲ 2.23% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 ▼ 1.21% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45%
since 2009
Wednesday, November 11, 2026

Latin America Argentina

Argentina Resumes Fuel Tax Increases After April War Freeze

By · · 3 min read

Key Facts

— —Decree 302/2026 applies a partial 0.5% Argentina fuel tax increase from May 1, while deferring the full backlog of 2024-2025 adjustments to June.

— —The government froze fuel taxes entirely in April after Brent surged past $120 due to the Hormuz crisis, causing a 23% pump price spike in March.

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— —Repeated deferrals since 2024 have cost an estimated $2.3 billion in foregone revenue, creating tension with Milei’s fiscal surplus commitment.

The Argentina fuel tax regime is caught between two of the Milei government’s core commitments — fiscal balance and inflation control — as the Iran war forces uncomfortable choices at the pump.

The Rio Times, the Latin American financial news outlet, reports that President Javier Milei signed Decree 302/2026 on Thursday, unfreezing fuel taxes from May 1 after a full month of suspension. The increase will be limited to 0.5% for gasoline and diesel, with the larger backlog of adjustments accumulated since 2024 and 2025 deferred once again — this time to June. The decree was signed by Milei, Economy Minister Luis Caputo, and Cabinet Chief Manuel Adorni.

Why Argentina Fuel Tax Policy Has Become So Complex

Under Argentine law, fuel taxes are updated quarterly based on consumer price inflation. When Milei took office in December 2023, the taxes had been frozen for two years under his predecessor. He pledged to normalize them, but the combination of high inflation and rising global oil prices has forced repeated partial deferrals since May 2024.

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Argentina Resumes Fuel Tax Increases After April War Freeze.

The Iran war and Hormuz blockade made things dramatically worse. Brent crude spiked above $126 on Thursday — its highest since 2022 — and Argentine pump prices surged 23% in March alone. The government froze the tax entirely in April, arguing that adding a fiscal charge on top of war-driven prices would be unbearable for consumers.

The Fiscal Cost of Deferral

The repeated postponements have a price. Consultancy Economía y Energía estimates that the cumulative deferrals through 2025 cost the treasury approximately $2.3 billion in foregone revenue. Fuel taxes accounted for 15.83% of the final pump price and generated 1.4 trillion pesos in Q1 2026 alone — growing 55.9% year-on-year, more than double the overall revenue increase of 22.7%.

The government wants to fully normalize the tax schedule by year-end 2026, partly to ensure a cleaner baseline for the 2027 election year when they hope to return to standard quarterly adjustments. But each month of deferral makes the eventual catch-up larger and more politically painful. Meanwhile, YPF and other producers agreed to a 45-day price buffer starting April 1, absorbing the war-driven price surge rather than passing it through — a mechanism that expires in mid-May.

Live Market IntelligenceArgentina — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Argentina — Live Market Board

BYMA · Buenos Aires
Nov 11, 2026 · 04:10

S&P MERVAL · benchmark
2,848,945
—
-10.97% over 12 months

Market breadth · 12 names
58% advancing

7 ▲ advancing5 declining ▼

Currencies, rates & key inputs
USD / ARS
1,545
-0.03%

Brent crude
92.25
+0.83%

Soybeans
1,224
-0.02%

Sector heatmap · average move today
Technology
+3.02%
GLOBANT

Materials
+1.19%
ALUAR, LOMA NEGRA

Utilities
+1.03%
PAMPA, CEPU

Financials
+0.42%
GGAL, COME, BYMA

Energy
-0.05%
YPF, TGS

Telecom
-1.18%
TELECOM ARG

Mining
-1.28%
TXAR

Consumer Disc.
-1.39%
MIRGOR, MERCADOLIBRE

Latin America scoreboard
IndexLastTodayStrength
IbovespaBrazil
171,336.99
-0.52%

S&P/BMV IPCMexico
71,564.96
-0.42%

S&P IPSAChile
10,597.06
+0.07%

S&P MERVALArgentina
2,848,945
—

MSCI COLCAPColombia
2,528.01
-1.88%

Full instrument board
Instrument Last Change YoY Prev. High Low Volume
MERVAL 2,848,945 — -10.97% 2,859,051 — — —
USD/ARS 1,545 -0.03% +8.82% 1,546 1,545 1,545 —
YPF 6,505 +0.46% +15.44% 6,475 6,675 6,360 708,971
GGAL 4,950 -0.95% -40.39% 4,998 5,140 4,933 548,462
PAMPA 4,290 +0.29% -17.29% 4,278 4,390 4,235 351,604
TXAR 693.00 -1.28% -19.41% 702.00 709.50 673.50 619,637
ALUAR 774.50 +0.58% -29.51% 770.00 784.50 771.00 192,215
TGS 7,240 -0.55% -17.93% 7,280 7,450 7,120 44,794
CEPU 1,678 +1.76% -25.09% 1,649 1,678 1,600 129,716
MIRGOR 1,740 +0.00% -92.00% 1,740 1,780 1,695 3,523
COME 31.18 +2.20% -49.58% 30.51 31.40 30.76 3,810,293
LOMA NEGRA 2,978 +1.79% -12.78% 2,925 3,003 2,853 34,896
BYMA 198.00 +0.00% -32.82% 198.00 201.25 193.50 2,776,937
TELECOM ARG 3,340 -1.18% -8.15% 3,380 3,490 3,293 11,295
GLOBANT 48.84 +3.02% -22.36% 47.41 48.86 46.75 706,761
MERCADOLIBRE 1,490 -2.77% -29.02% 1,533 1,523 1,470 584,446

Largest moves today
GLOBANT
48.84
+3.02%
MERCADOLIBRE
1,490
-2.77%
COME
31.18
+2.20%
LOMA NEGRA
2,978
+1.79%
CEPU
1,678
+1.76%
TXAR
693.00
-1.28%
TELECOM ARG
3,340
-1.18%
GGAL
4,950
-0.95%

The session read
The S&P MERVAL was little changed on the session, with breadth positive — 7 of 12 names higher. Technology led, while Consumer Disc. lagged.

What It Means for Inflation and Markets

For investors, the decree illustrates the bind that even the most fiscally hawkish government in Latin America faces when global energy shocks collide with domestic price sensitivity. Milei’s fiscal surplus — the signature achievement of his first year — depends on revenue normalization, but every tax increase feeds directly into the inflation index that his central bank is trying to bring down. The May compromise of 0.5% represents the narrowest possible path between those two imperatives.

Related Coverage

Argentina Economy 2026 Guide •
Iran War & Hormuz Crisis Guide •
Oil & Energy in Latin America 2026

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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