Colombia stands to gain financially from rising oil prices driven by the Middle East conflict, as higher crude values would positively impact public finances through increased revenue from state oil company Ecopetrol.
The Ministry of Mines and Energy initiated an administrative sanction procedure against Ecopetrol for alleged non-compliance with the diesel supply plan for Nariño department, warning the situation could jeopardize fuel supply and result in sanctions against the company.
The Colombian government ordered the refund of over CoP$150B to natural gas users for overcharges in the transport component of tariffs. Gas transporters TGI, Promigas, and three other companies immediately rejected the order, denying any improper charges and threatening legal action.
Colombia’s biofuels sector confronts sharply divergent narratives between government policy and industry survival, as President Gustavo Petro defends forced investment reforms while the sugarcane sector warns of imminent operational collapse from excessive imports threatening hundreds of thousands of jobs.
DIAN notified Ecopetrol of Resolution 000571 confirming a CoP$5.3T sanction (including interest and penalties) related to 19% VAT on gasoline imports between 2022-2024, escalating the ongoing legal dispute between Colombia’s tax authority and the state oil company.
Colombia’s liquid fuels market closed 2025 with positive consumption figures driven primarily by diesel demand, though profitability deteriorates for distributors despite sales growth, according to a report presented by Somos Uno—the trade association uniting Comce Colombia and Fendipetróleo Nacional.
Energy Minister Edwin Palma signed a resolution making effective a CoP$500 per gallon gasoline price reduction beginning February 1, 2026, while maintaining stable diesel prices.
Fitch Ratings’ ‘neutral’ 2026 outlook for the global Oil & Gas sector reflects its assumption that the Brent oil price will average about USD63/barrel, down from USD69/barrel in 2025, with geopolitical risks supporting prices while large oversupply constrains them, Fitch says in a report published today (December 12, 2205).
Colombia’s Superintendency of Corporations (Supersociedades) chief Billy Escobar revealed that state-owned enterprises Industria Militar (Indumil) or Ecopetrol could acquire struggling fertilizer manufacturer Monómeros if U.S. sanctions are lifted.
President Gustavo Petro announced Colombia will begin reducing gasoline prices after fully settling the Fuel Price Stabilization Fund (FEPC) debt that reached approximately $70 trillion inherited from the previous administration.
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