The Argentine Minister of Economy, Sergio Massa, has decided to extend the freeze on fuel taxes as the second round of presidential elections

approaches in three weeks. This decision comes at a time when Argentina is experiencing an annual inflation rate of 138 percent.

In a recorded statement made on Wednesday, Massa explained that the extension of the tax freeze for three months until February is aimed at preventing fuel prices from rising beyond the expected limit. This step signifies the government’s willingness to forgo some of its revenue.

Sergio Massa, the presidential candidate for the ruling left-center party, emphasized that this decision is intended to protect the interests of the Argentine people and ensure the sustainability of the economy. He pointed out that the state will bear this tax burden for the benefit of the national economy and individuals’ budgets.

The government had previously imposed a cap on fuel prices for several months in collaboration with the oil sector to combat inflation.