BUENOS AIRES, March 14 (Xinhua) -- Argentina's main oil distributors increased fuel prices by more than 10 percent on average on Monday, following a new increase by state-owned energy company Yacimientos Petroliferos Fiscales (YPF).

YPF announced an increase of 9.5 percent on average of its basic fuels and 11.5 percent of its "premium" fuels, arguing that the measure is a response to "the main variables that make up the retail price."

The company, which controls about 55 percent of the local fuel marketing, referred specifically to the increase in international crude oil prices and local demand.

It said demand levels are "higher than pre-pandemic" and "require imports to complement local supply."

This is the second hike so far this year, following the one on Feb. 2, which increased prices by an average of 9 percent.

The Shell oil company also decided to increase fuel prices between 10 percent and 15 percent, while the Axion company indicated that it is "analyzing YPF's price movements."