Uruguay Fuel Prices: Regulator Puts October Gasoil Reference 31% Above the Pump
ECONOMY · URUGUAY
Key Facts
- —The country Uruguay imports its crude and refines it at the state oil company ANCAP. The government sets pump prices each month, using a reference calculated by the energy regulator.
- —What happened On 28 September the regulator, URSEA, put October’s reference for gasoil at 31% above the current pump price. Petrol sits about 3% above it.
- —The numbers Gasoil costs 58.68 pesos a litre (about US$1.46) at the pump; the reference is 76.85 (about US$1.92). Prices have not changed since July (URSEA, Subrayado, 28 Sep 2026).
- —What it means for you Drivers, hauliers and farmers may pay more from 1 October. According to Búsqueda, any rise would stay below the regulator’s reference.
- —Still open The size of any increase, and whether gasoil rises in one step. The government had not announced October prices as of 29 September.
Uruguay fuel prices may rise on 1 October after three months without change. The energy regulator published an October reference on 28 September that puts gasoil 31% above what drivers now pay.
The weekly Búsqueda reported the same day that the government is weighing an increase. The paper said any rise would stay below the regulator’s figure, with the state oil company absorbing part of the gap.
What the regulator calculated
URSEA, the Energy and Water Services Regulatory Unit, works out an import-parity price each month. It then adds distribution margins and taxes to reach a reference pump price.
October’s reference is 91.54 pesos a litre (about US$2.28) for Super 95 petrol and 94.43 pesos (about US$2.36) for Premium 97. Gasoil 50-S comes out at 76.85 pesos (about US$1.92).
At the pump, Super 95 sells for 88.67 pesos (about US$2.21) and Premium 97 for 91.19 pesos (about US$2.28). Gasoil costs 58.68 pesos (about US$1.46), a gap of 18.17 pesos (about US$0.45) a litre.
Conversions use 40.08 pesos to the dollar, the open.er-api rate of 29 September 2026. The reference is advice to the executive, which takes the final decision. Some outlets reported other percentages using different measures; the figures here compare URSEA’s table with current pump prices.
Why gasoil drives Uruguay fuel prices
Gasoil’s import-parity price rose from 45.53 to 51.56 pesos a litre (about US$1.14 to US$1.29) in a month, URSEA’s tables show. That is a rise of about 13% before taxes.
El Observador reported that crude has held above US$90 a barrel for weeks. It said US Gulf Coast diesel rose about 14% in a month to 22 September.
Gasoil moves freight, harvests and buses, so its price feeds into many other costs. That is why a large jump there matters more than a small one on petrol.
ANCAP as the shock absorber
The stabiliser so far has been ANCAP’s refinery. El Observador reported that unusually wide refining margins let the government freeze prices without pushing the company into losses.
ANCAP gave up about US$80 million in revenue in the first half of 2026, the company reported in mid-July, according to Búsqueda.
Industry Minister Fernanda Cardona said prices will reflect the company’s finances and secure supply, Telenoche reported. Her undersecretary, Daniel Olesker, said at the Expo Prado fair that “what one does not adjust is later paid for,” El Observador reported.
A separate debate on the OECD
The same week, Mathias Cormann made the first official visit to Montevideo by an OECD secretary-general. The Organisation for Economic Co-operation and Development is a Paris-based club of mostly rich economies.
Economy Minister Gabriel Oddone promised an “open debate” with parties, academics and civil society on future ties, Búsqueda reported. Uruguay sits on several OECD committees but is not a member.
President Yamandú Orsi spoke of a “shared agenda” on innovation and productivity, EFE and Montevideo Portal reported. Uruguay co-chairs the OECD regional programme for Latin America with Costa Rica until 2029.
For background on the economy, see Uruguay Explained: The Country, Its Stability, Its Economy and What to Watch. On the currency, see Uruguay Peso Holds Steady as Central Bank Marks Five Years Without Intervention.
What Is Not Yet Known
The government has not said how large any October rise in Uruguay fuel prices will be. Nor has it said whether gasoil will close the gap in one step or several.
It is also unclear whether the OECD debate leads to a formal accession request. No timetable for that debate had been published as of 29 September.
Sources: URSEA, October reference prices, 28 September 2026; Búsqueda, fuel prices and OECD debate, 28 September 2026; Subrayado; El Observador; Telenoche; Montevideo Portal; EFE via Infobae.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times