Drivers formed long lines at gas stations in Buenos Aires and other cities in Argentina due to fuel shortages. The government expected this situation to normalize in the next two to three days.

Minister of Energy, Flavia Royontold a local radio station that the government has imported 10 ships of fuel that are already arriving in the country, but distribution logistics could take several days.

“There has been an unusual increase in demand (…) We are going to replenish stocks through imports,” the official added, clarifying that “there will be no sharp increase in prices.”

Mass Endurance pic.twitter.com/2fQJq9XvH3

— German La Rioja (@ GermanLaRioja) October 28, 2023

Royon attributed the fuel shortage to demand caused by the long weekend, when there were many tourists, as well as “noise of possible devaluation and price increases” following last Sunday’s presidential elections and ahead of the second round on the 19th. November.

He later added.

This has put pressure on demand, plus demand from neighboring countries (…) There has been a psychosis of “gotta go fill up the tank”, and if we all go out to fill up the tank because it’s established that there won’t be any fuel, it also puts pressure on suppliers who we are not ready for this.

Argentina’s oil refineries supply 80% local marketand the rest is made up by importing fuel.

Oil companies YPF YPFD.BA, Ryzen RAIZ4.SA, Trafigura TRAFGF.UL And Axion Energy AXPWQ.PK In a statement, they agreed with Royon’s diagnosis and confirmed that supplies would return to normal “in the coming days.”

Among the events that led to the shortage, the companies listed extraordinary levels of demand, a presidential election that caused more displacement of people, the start of agricultural plantings, a greater-than-usual dependence on imports and “excessive demand driven by anticipation of shortages.” .