Royal Dutch Shell’s Argentina unit has been accused by Cabinet Chief Jorge Capitanich of conspiring against the country’s interests.
The claims come after the the company increased fuel prices following a devaluation of the peso.
Fuel prices at Shell gas stations across the county rose an average of 12 percent.
Shell stations currently represent close to 20 percent of the gas station market in Argentina.
“Shell’s attitude and the one from its highest executive is conspiratorial and against the interests of the country,” Capitanich told reporters in Buenos Aires. “The only explanation for this behavior is greediness.”
Kayla Macke, a spokeswoman for Shell based in Houston, told Bloomberg “Suggestions that there was any other reason behind our decision are categorically untrue. As we explained to customers and the government in Argentina, this move is purely due to the relative increase in the cost of crude oil to our operation in the country, which has occurred as a direct result of the falling value of the peso.”