Argentina slams Shell for fuel price hike

AP News
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Posted: Feb 03, 2014 11:59 AM

BUENOS AIRES, Argentina (AP) — Argentina is accusing Anglo-Dutch oil company Royal Dutch Shell of a conspiring attitude that goes against the country's interests after the oil major hiked the price of its fuels by 12 percent.

President Cristina Fernandez's government has issued several price control programs to try to tame inflation, which private economists estimate at around 30 percent. Rising consumer prices remain the biggest worry for Argentines.

Cabinet Chief Jorge Capitanich said Monday there's no "technical reasoning" behind Shell's price increase and said the oil giant is moved by "greed."

Shell said in a statement that the measure was taken due to "the evolution of variables affecting Argentina's fuel market" as well as a strong rise in the cost of crude in the local currency.