The price of regular gasoline increased by $570 on November 4 in Valledupar, while in the 13 main cities of the country the gallon had an average increase of $600 compared to September because there were no changes in October.
That is, while in the capital of Cesarense a gallon costs $12,782, due to being in the border area, in territories such as Bogotá, Medellín, Cali, Barranquilla and Cartagena the cost exceeds $14,564, and the price of diesel is $9,065 on average.
According to the Ministry of Finance, the public sale price of ACPM remains at the current rate.
REASON FOR INCREASES
The head of this portfolio, Ricardo Bonilla, said at the Coffee Summit in Cartagena that “Three increases in gasoline prices are still needed” Taking into account that “The gap left by the last Government in the Fuel Price Stabilization Fund (FEPC) is the biggest fiscal obstacle that Colombia has.”
Official information indicates that the FEPC deficit in 2022 corresponded to $36.7 billion, and they estimate that in 2023 it will be $17.8 billion, of which 77% would correspond to ACPM.
Lea: Gasoline price in Valledupar increased by $570 pesos for November
Minister Bonilla added that the Government ‘is closing the gap,’ and that means “continue adjusting local fuel prices to international prices.”
PRICE ADJUSTMENT
Thus, fuel has been rising since October 2022 with the aim of reducing the fiscal impact generated by this difference between the international prices of refined products compared to local prices.
Bonilla reiterated that first they will close the gasoline deficit and then the diesel deficit: “Once the gasoline deficit was closed, we began negotiations with the transport unions for diesel. “This process will begin at the beginning of 2024 and will last 18 months.”assured the official.
