Colombia, the third country with the lowest price of diesel fuel in the region, according to the Ministry of Finance

The National Government, headed by the Ministries of Mines and Energy and Finance and Public Credit, adjusted the price of diesel fuel in Colombia, which will increase by 1,904 pesos per gallon, starting this Saturday, August 31.

(Read: Diesel prices by city, after the first increase of almost $2,000).

With this adjustment, the Government expects savings of $1.6 billion in the remainder of 2024 due to the fiscal gap in the Fuel Price Stabilization Fund, which has put the fiscal viability of the Nation in check and could compromise the macroeconomic stability of the country..

Despite strong criticism from transporters, who say that this will affect the pockets of Colombians, the government assures that the measure seeks to align prices with international rates.

(Also: ‘We cannot keep diesel frozen’: what did Petro say about the increase in diesel prices?).

In fact, The Ministry of Finance published a comparative ranking with fuel prices in other Latin American countries.

According to government calculations, Colombia ranks third in the regional ranking of lowest diesel prices, surpassed only by Bolivia and Ecuador (see graph).

“The recent adjustment in ACPM prices responds to the need to correct a situation that in 2023 explained most of the FEPC deficit”said the Ministry of Finance.

(Also: Retail price of a gallon of diesel fuel rises by 1,904 pesos).

According to estimates by the Ministry of Finance, people in the richest 10% of the population receive 10 times more FEPC benefits than people in the lowest 10%.
PORTFOLIO