said speculation is not a determining factor behind rising fuel prices.
"It is not that gas station owners suddenly become ambitious; that is always a minor factor. If they could have charged more before, they would have. No, I don't see that factor (speculation)," Velarde told Andina News Agency.
"(It's like saying) they used to be good and now have become ambitious; before they were not interested in money, now they are. That does not make much sense because they always act, more or less, in the same way," he added.
During the presentation of the latest Inflation Report, the governor said March inflation will be affected by the natural gas emergency triggered by the rupture of the Camisea gas pipeline at the beginning of the month and by higher fuel prices driven by the Middle East war.
"Twelve-month inflation through March will be close to the upper bound of our target range, which is 3%. I don’t know if it will be 2.8%, 2.9% or 3%, but it will be around there," Velarde said.
"In March, we will see the impact of the gas situation and the rise in fuel prices due to the war involving Iran; it will be a significant impact. While we estimate we will be at the upper bound of the target range, we expect this shock to be temporary and to reverse over the course of the year," he added.
The BCR chief estimated that inflation at the end of 2026 will stand at 2.4%, driven by higher fuel prices, which have a strong impact on food.
"The inflation forecast stands at 2.4%, and we have raised it because these shocks have indeed occurred. Why haven't we raised it further, even if we expect March to be close to the upper bound? Because we believe many of the effects will reverse, and although we see high inflation in March, in the following months of the second half we would have negative monthly inflation," he concluded.