Gasoline prices in Colombia rise by $400 starting today: these are the government's reasons
The expectation about the presence or absence of the Minister of Finance, Germán Ávila, at the board of directors meeting of the Bank of the Republic – who withdrew a month ago – dissipated after the official participated in yesterday's session, and at the end announced an increase of $400 in the price of a gallon of gasoline, starting today.
TL;DR
- Gasoline prices in Colombia increased by $400 per gallon starting today.
- The increase is attributed to international oil price volatility and geopolitical tensions.
- The government finds maintaining fuel subsidies unsustainable and aims for market-aligned pricing.
- The central bank's monetary policy interest rate remains at 11.25%.
- The Minister of Finance emphasized the importance of dialogue and consensus within economic decision-making bodies.
- Adjustments to diesel prices are also being considered.
- Villavicencio, Cali, and Bogotá have the highest gasoline prices, while Pasto and Cúcuta have the lowest.