Imported gas supplied 39% of Colombia’s natural gas in September, and with a very strong El Niño looming, industrial users are looking for alternatives to secure their energy.
This should come as a surprise to no one: as domestic production falls, the supply mix shifts to imported gas at more than twice the price of domestic. The average inevitably has to go up.
Colombia’s government announced a CoP$46 per gallon increase in the average gasoline price for October, then reversed it the next day.
Vice Minister of Energy Armando Cuello said the government has not ruled out eventually raising diesel prices, arguing the current subsidy is unsustainable.
Colombia declared programmed natural gas rationing this week for industrial customers, requiring an explanation of both the mechanical trigger and the broader supply fragility it exposes.
Colombia’s biofuels sector mobilized roughly CoP$25T over the past five years: equivalent to about 3% of manufacturing-industry GDP annually.
Three companies are behind new investments to expand biofuels production capacity in Colombia: BioD, Bioenergy, and Oleoflores, together committing roughly US$110 million to meet growing biofuels demand in coming years.
Brent crude climbed above US$100 a barrel last week — closing at US$108.61 on last Tuesday, its highest level since May. Brent closed Monday, September 21st at US$100.39.
At Ecopetrol’s September 15 Extraordinary Shareholders Assembly, former senator and minority shareholder Jorge Enrique Robledo challenged President Abelardo De la Espriella’s economic vision for the company, calling it characteristic of “neoliberalism” and warning against treating national and foreign capital as equivalent in company decisions.
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