The Argentine government has removed natural gas subsidies, Bloomberg News reports. This will help it save $420 million a year and increase the well-head prices for residential and industrial consumers.

Residential consumers use 36% of the natural gas and industrial clients use 1.5%. Planning minister Julio de Vido said, “These measures will produce a significant and direct reduction in subsidies for natural gas rates and as such increase production, which means more jobs.”

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