The Minister of Finance, José Antonio Ocampo, confirmed that the increase in fuel prices announced by the Government, in order to mitigate the deficit that has been generated by the Fuel Price Stabilization Fund (Fepc), will start in October.
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“The president has already announced the decision to adjust fuel prices, I believe that next month small increases will begin initially, so as not to affect inflation”, Said the holder to the Treasury portfolio.
Ocampo clarified, however, that for the coming year, “when other items of inflation begin to drop, the price adjustment can be made a little faster.”
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It is worth mentioning that since April of this year, and at the end of August, the government subsidy for gasoline prices and the ACPM generated a debt of $15.9 billion for the State with Ecopetrol.
According to data from the Ministry of Mines and Energy, in the last week of August, the price differential for gasoline was $5,560 and Acpm was $12,485.
This means that, to reach the international parity price (calculated against Producer Income) fuel prices should be increased by these magnitudes.
(President Petro announces that gasoline prices will rise in the country).
“It is a brutal adjustment, because the deficit is enormous”, Ocampo also said.
President Gustavo Petro promised to make increases in gasoline, but not in Acpm.
It is worth mentioning that The Medium-Term Fiscal Framework (MFMP) presented by the previous government, that of Iván Duque, established a series of monthly increases of between $150 and $400 starting in June. Said increase was not fulfilled, and only in January and July there were rises in the value of fuels.
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