The Fuel Price Stabilization Fund (FEPC) accumulated a debt equivalent to 2.5% of the Gross Domestic Product (GDP) in 2022. As a result, the government has initiated adjustments to the gasoline price to reduce the size of the subsidy provided.
In a recent press conference, Minister of Finance, Ricardo Bonilla, announced that the price of diesel fuel will not be adjusted during the ongoing election campaign until gasoline prices have been stabilized.
We used to joke about the Colombian government’s “Magic Formula” which it supposedly used to set gasoline and diesel prices. Events of the past few years have proven that, if there ever was a “magic formula”, governments abandoned it in the pandemic. Politicians set prices using political criteria (what a surprise!) and economics or finance play a limited role. Now the Petro government sends signals that it plans a radical restructuring of fuel pricing and we think it shows it / his thinking about the broader energy sector.
The Colombian government has revised its estimate for the maximum price of gasoline in the country.
Ecopetrol (NYSE: EC) that, through Resolution 1612 dated June 29, 2023, the Ministry of Finance (MinHacienda) made a payment against the outstanding amount of the Fuel Price Stabilization Fund (FEPC).
Aurelio Ferreira, president of the Ibero-American Propane Association, spoke to Portafolio about the role of propane in the region and in the energy transition.
Finance Minister Ricardo Bonilla said that the trend of rising fuel prices in Colombia will continue.
Minister of Finance (MinHacienda), Ricardo Bonilla, talked about the behavior of fuel prices for coming months and the deficit of the FECP.
The Ministry of Mines and Energy (MinEnergia) announced fuel prices for July 2023. Here are the details.
Ecopetrol (NYSE: EC) has announced the initiation of a maintenance program at the Barrancabermeja refinery.
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