Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Argentina axes import duties on electric buses to cut diesel consumption

Commodities | Bunker Fuel | Oil | Crude Oil | Refined Products | Jet Fuel | Shipping | Marine Fuels

Greener opportunities for jet fuel

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Refined Products | Gasoline

Analysis: Strong exports, refinery demand temper seasonal crude build

Argentina axes import duties on electric buses to cut diesel consumption

Buenos Aires — Argentina's government authorized Wednesday a 0% import duty on electric buses, the latest move to build an electric vehicle market to reduce fossil fuel consumption after years of tight supplies.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Bus importers and manufacturers can bring in a total of 350 electric buses duty-free over the next three years, according to a presidential decree published in the Official Bulletin.

To access the tax break, importers must vow to start producing electric buses locally "in no less than two years" at the equivalent amount of their imports.

So if an importer brings in the maximum of 60 units per company, it must produce that same amount on an annual basis within two years, according to the decree.



This will "spur local production," it said.

The government also cut the import tax to 2% on a total of 2,500 electric chargers for buses and cars, according to the decree.

The decree did not say what the previous tax rates were.

This is the government's latest move to build an EV market. Last year, it slashed import duties to between 0% an 5% on electric, hybrid and hydrogen vehicles, down from 35% previously, with the aim of importing 6,000 EVs over three years.

Argentinian President Mauricio Macri has said he wants to promote alternative fuels and renewable energies to protect the environment and diversify energy supplies.

The idea is to reduce demand for oil and natural gas as supplies run tight following years of dwindling production.

With more electric buses, the country can reduce diesel consumption and narrow a 25% deficit met by costlier imports.

Buses are the most widely used form of public transport in Argentina, accounting for 58% of trips in Buenos Aires, for example, according to data of the city's Ministry of Transport.

The rise in diesel imports comes in part because the country's oil production has dropped 44% to 478,000 b/d from a peak of 847,000 b/d in 1998.

--Charles Newbery, newsdesk@spglobal.com
--Edited by Jason Lindquist, jason.lindquist@spglobal.com