Argentina to cut fixed price of its crude by 7%

BUENOS AIRES: Argentina's central government and oil producing provinces have agreed to cut the fixed price of crude oil produced and sold in the South American country by 7 percent to US$78 per barrel, the head of an influential oil union said on Monday.

Guillermo Pereyra, secretary general of the Private Oil and Gas Union of Rio Negro, Neuquen and La Pampa, also told reporters that local gasoline prices would be cut by 5 percent.

Pereyra took part in negotiations between Economy Minister Axel Kicillof, the provinces and state-controlled energy firm YPF that lasted several days.- Reuters