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Attention: gasoline price rises from December 4

The Ministry of Mines and Energy announced that the price of gasoline will go up 200 pesos this last month of the year.

According to MinMinas, this increase in the value of fuel is due to the variation in the prices of this material and crude oil at the international level.

“In particular, during the last two months, the international price of gasoline increased 8% compared to the average value registered in September, while the international price of diesel increased 12% compared to September. In this same period of time, the reference price of Brent registered an increase of 11% ”, indicated the Ministry of Mines and Energy.

With this increase of 200 pesos in the value of fuel, a gallon of gasoline in the 13 main cities will cost 8,871 pesos, while diesel is 8,718 per gallon. ANDThis last fuel will have a setting of 180 pesos.

The Mines and Energy portfolio also highlighted that the price of gasoline presented stability during several months of this year: April, May, June, July, August, October and November.

According to the ministry, this stability was registered thanks to the Fuel Price Stabilization Fund (Fepc), which mitigates the impact of high fluctuations in the prices of current fuels and diesel or Acpm at the international level, as explained the newspaper La República.

Likewise, he stressed that if the Fepc were not in operation, Colombians who use ordinary fuel they would have paid 3,600 pesos more per gallon during November, while drivers of vehicles that run on diesel would have paid 4,600 pesos more.

As explained by the economic newspaper, due to this variation in values ​​at the international level, the Fuel Price Stabilization Fund managed to maintain gasoline prices at approximately one trillion pesos each month. This value is assumed by the nation.

Fedesarrollo had already indicated that raising the value of fuel was necessary

On November 23, the director of Fedesarrollo, Luis Fernando Mejía, assured that an increase in the price of fuels was necessary due to the increase in the price of oil and the dollar, which is linked to the so-called Brent oil.

In dialogue with Caracol Radio, Mejía explained that before the covid-19 pandemic the price of Brent It was at $ 65 a barrel, which translated into 9,700 pesos a gallon of gasoline, figures for December 2019.

However, a change in income to the producer was noted, which is the recognition against the cost of production and parity price. Seeing this, the national government lowered income to producers by 1,570 pesos due to the fall of Brent. This price remained constant during 2020, but when December arrived, the increase began to be noticed in an escalating way, said Mejía in the station.

By October 31 of this year, income to the product had risen by 800 pesos compared to the fall of 1,570 pesos, which returned the price prior to the pandemic. With current Brent prices at 80 dollars per barrel and with the exchange rate fluctuating close to 3,800 pesos, the reduction in producer prices accumulates a significant deficit, almost 8.7 billion pesos.

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