The president of the state-owned oil company YPF, Pablo González, confirmed that from Saturday the price of fuel will increase by 5%. He also stated that this would be the last increase for the year. Mr González pointed out that if the company were to transfer the international price of a barrel of oil to the final price of fuel, a litre of naphtha would cost $130, much higher than the current $85.7 (value in the city of Buenos Aires). González stated that the measure seeks to provide greater predictability to the oil sector, as well as to allow YPF to invest what is necessary to produce gas and oil and to avoid having to import fuel. The company had announced at the beginning of 2021 that fuel prices would rise by 28.1% for the whole year; but in the first five months of the year, prices have already increased by 27.2%. The price increases also include the increase in fuel taxes and the update of the value of biofuels. Mr González, former vice-governor of Santa Cruz, was instrumental in convincing President Alberto Fernández and Vice-President CFK of the importance of authorising the increases so that the company could rebuild its revenues and increase oil and gas production, which were severely hit during 2020. In 2020, YPF reported losses of US$1098 million. This first quarter of the year also started with a loss of US$25 million, although the company says profitability improved. During the first quarter of 2021, oil production contracted by 7.8% year-on-year, and natural gas production by 16.8%. These are worrying figures for the company, which the company is seeking to reverse in the coming months, although the 20-day protests in Neuquén have postponed the recovery.