The number of natural gas vehicles (NGV) has reached half a million according to government figures, and fuel service giant Terpel says its distribution network is now sufficient to continue growing the market.
Both global benchmark oil prices, WTI and Brent, slid all through the third quarter finishing 13.5% and 16.5% (respectively) below where they were at the end of the second quarter.
The Ministry of Mines and Energy has published fuel prices for the month of October, which will see a slight increase in both unleaded gasoline and diesel, the latter a result of increased biodiesel prices.
The Ministry of Mines and Energy, Ecopetrol (NYSE:EC) and local authorities have established a fixed price for fuel on the shared border with Venezuela, as authorities from both countries look to limit the contraband fuel market.
MinMinas recently raised gasoline prices by a minor amount but that triggered the usual comments that gasoline prices should be cut.
The Ministry of Mines and Energy announced a small increase in fuel prices for the month of September, while more pressure mounts from political sectors to drop prices.
The Ministry of Mines and Energy (MinMinas) says no changes will be made to the reference fuel price, pointing out that over the last year fuel prices have grown by less than 1% in the case of gasoline and 1.8% for diesel.
A long planned privately owned refinery appears ready to set foot in Puerto Olaya, Santander, after the investment bank managing the project says it has found a specialized fund in Canada that will make an initial investment in the US$3B project.
There is progress to expand and modernize the Cartagena Refinery (Reficar), and the company says that nine of the 15 plants that must be ready to finish this long delayed project have now been completed.
Spanish gas utilities firm Gas Natural Fenosa says that the number of conversions to Natural Gas Vehicles (NGV) in the first half of 2014 has grown by 17% year-over-year, after 9,691 vehicles were converted in Colombia.
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