Tuesday, April 7th, 2026
Colombia’s fuel pricing pendulum reversed course on April 1, 2026, as the Comisión de Regulación de Energía y Gas (CREG) issued Circular 260 authorizing an increase of approximately CoP$375 per gallon in regular gasoline — ending a two-month relief period during which the government had cut prices twice, each time by CoP$500, for a cumulative reduction of CoP$1,000.
Our 2026 publishing plan called for a discussion of CAPEX and Brent assumptions this week since we expected to have the major companies’ 2025 reports. We will do that but the Iran War has played havoc with oil prices and President Donald Trump’s speech the other night apparently reassured no one that global crude markets would return to normal anytime soon.
Ecopetrol has pushed back against the more optimistic timelines attached to Colombia’s energy transition, publishing a forward-looking assessment – based on UPME data – that liquid fossil fuels will remain essential to the country’s energy matrix through at least 2040, even under transition scenarios, and that gasoline in particular is heading toward significant import dependence.
Despite a fraught electoral environment, rising interest rates, fiscal imbalances, and a 15% decline in total foreign direct investment in 2025 to US$11.5B, Colombia has opened 2026 with a striking wave of corporate transactions – a paradox that analysts trace to structural investment dynamics that operate on timelines longer than any single electoral cycle.
Promigas posted stable financial results for 2025 – revenues of CoP$6.7T (+1%), net profit up 2% to CoP$1.07T, and EBITDA flat at CoP$2.4T – but the more significant strategic story is the company’s deepening transformation from a pure-play gas infrastructure operator into a diversified energy platform, even as its gas operations delivered some of their most consequential results to date.
A post-mortem analysis by Asoenergía – the Colombian Association of Large Industrial and Commercial Energy Consumers – of the October 2025 maintenance shutdown of the SPEC LNG regasification terminal in Cartagena has revealed how poor supply planning drove residential gas contract prices to nearly three times their normal level in just a matter of days.
The Refinería de Cartagena (Reficar) returned to normal operations by March 24, 2026, nine days after an electrical supply failure struck the facility on March 15. Ecopetrol confirmed that all processing units are operating normally and that the supply of refined fuels to the national market was maintained throughout the incident.
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