Increase in the price of diesel in Colombia: the decree that establishes it is ready | News today

Increase in the price of diesel in Colombia: the decree that establishes it is ready | News today
Increase in the price of diesel in Colombia: the decree that establishes it is ready | News today

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Photo: Getty Images – Supachai Panyaviwat

As the Treasury Department had warned, this Monday the decree that marks the path for the increase of diesel in Colombia was published.

The document signed by Ricardo Bonilla, Minister of Finance, and Andrés Camacho, Minister of Mines and Energy, establishes the differential mechanism for price stabilization for large consumers. “That is, all those who have a special logistics operation and consume more than 20,000 gallons per month,” explained Bonilla.

The document says that the income to the producer must be, at least, the international parity price. The measure does not apply to energy generating companies located in non-interconnected areas or to mass land passenger transportation systems.

The minister clarified that the increase does not apply to gasoline pumps or retail distributors, since large consumers buy directly from wholesalers.

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The Treasury and Mines and Energy portfolios will establish the regulations to implement this differential price stabilization mechanism. The decree will come into force in 45 days.

In multiple statements, the Government had said that the price of diesel in Colombia has to rise for the good of public finances, a thorny conversation.

The Fuel Price Stabilization Fund (FEPC) ended 2022 with a deficit of $37 billion that, if not resolved, would have to be assumed with the General Budget. The Government of Gustavo Petro has already adjusted the price of gasoline, but the big pending issue is still the adjustment in diesel. In 2023, the FEPC deficit was $15.2 billion and this year it would close at $12 billion, which would correspond exclusively to the ACPM, according to the accounts of the Ministry of Finance.

According to this portfolio, large consumers have already been identified and are “companies that have their own logistics, that do not go to the pumps. And they are mainly found in sectors such as cement production, mining, oil and coal exploitation and the sugarcane sector; In the latter it has nothing to do with the production of sugar or ethanol, but with the operation of the sugarcane trains,” Bonilla assured.

Large consumers represent 5% of total ACPM consumption, the measure covers 150 companies. According to Treasury calculations, the measure translates into savings of $50,000 million per month.

 
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