The conflict in the Middle East increased oil prices, creating high expectations about possible economic benefits for Colombia. This is why the country has not seen any benefits yet.
A couple of weeks ago we wrote about oil prices concluding that “Your CFO is unhappy because prices are low and appear to be falling.” CFOs were no doubt happy in 2Q19 because netbacks (on average) were up.
The Ministry of Mines and Energy (MinEnergia) announced fuel prices for August 2019, highlighting the performance of this metric during this year. However, these remain high compared to figures of last year.