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In the first half of 2024, fuel sales at service stations in Colombia experienced a notable decline.

In 2023, companies in the chemical and agrochemical sectors played a significant role in the economy, collectively achieving operational revenues exceeding CoP$18.6T.

The ongoing negotiations between the Colombian government and transporters over diesel price increases remain deadlocked.

The Ministers of Finance (MinHacienda) and Mines and Energy (MinEnergia) released a draft resolution to establish a procedure for determining the international parity price.

Recent adjustments in diesel prices are beginning to exert pressure on inflation rates in Colombia.

The outgoing Minister of Transportation (MinTransporte), William Camargo, introduced the possibility of implementing a gasoline surcharge to compensate for the tolls that are currently not being collected across the nation.

Half of 2024 is now over. In most companies, while work continues on executing the 2024 plan, attention turns to planning 2025, setting budgets and targets. The critical external variable is the price of oil. We collect and analyse statistics on Brent which we offer here with commentary to help with the process.

Alfonso Medrano, President of the Intergremial Chamber of Cargo Transporters, confirmed that discussions regarding a potential increase in diesel tariffs will resume.

In a recent address at the Andesco Congress, Colombia’s Minister of Finance and Public Credit, Ricardo Bonilla, detailed the government’s plan to settle the debt owed to Ecopetrol for the deficit in the Fuel Price Stabilization Fund (FEPC).

The average global price of gasoline has reached US$4.94 per gallon, but prices vary significantly across Latin America due to a range of factors, primarily taxes and subsidies.