Uruguay
Fernanda Cardona said Ancap has financial backing to absorb the rise in oil prices
The Industry minister said Uruguay has managed to stay on the sidelines of recent volatility in fuels. She also noted that the government follows the situation month by month together with Ancap authorities.
The Minister of Industry, Fernanda Cardona, said that Ancap has financial room to face higher oil prices without immediately passing them on to fuels, according to Caras y Caretas Uruguay.
The official met with authorities of the Rural Association in the framework of Expo Prado, where the issue of price setting was raised. In that context, she said that Uruguay has gone three months without being exposed to international instability in that area and attributed that situation to public policy and the management of the current administration.
Cardona declined to anticipate what decision the government will make in the coming weeks, although she indicated that there is monthly monitoring together with Ancap authorities. As she explained, the company is meeting its obligations and can sustain crude purchases and refining with its own cash flow, although she warned that this situation cannot lead to negative results for the company.
According to the same outlet, the international context remains tense because of the situation in the Persian Gulf. This week, Brent crude stood at around US$ 107.27, driven by attacks on tanker ships and pipelines, as well as the takeover of control of the Bab el-Mandeb Strait in the Red Sea by Yemen’s Houthi rebels. Brent crude has remained above US$ 105 for five days, at its highest level since May.
Sources
About this note. Written by El Notero with the assistance of artificial intelligence, based on what was published by the cited outlet. El Notero did not conduct its own reporting on this event.
