Ministry of Finance and Public Credit recognized Ecopetrol for more than 8.3 trillion pesos for the liquidated obligations of the Fuel Price Stabilization Fund (FEPC) corresponding to the second quarter of 2022.
This transaction is recorded in line with what was defined in the General Assembly of Shareholders in which the dividend corresponding to the Nation (majority shareholder) was compensated against the balance of the FEPC debt of the second, third and part of the fourth quarter of 2022 with Ecopetrol.
(Also read: Which are the cities with the most expensive and cheapest gasoline prices in July?)
The FEPC operation is the one that could have for several months Colombians will pay cheaper gasoline and diesel pricessince this fund mitigated the inflationary pressure of the increases in the prices of oil and its derivatives in recent months.
After the payment received by Ecopetrol, the Fepc is left with a deficit that exceeds 13.2 trillion pesos and to prevent it from continuing to increase by leaps and bounds, since October 2022 the national government has been increasing the price of gasoline.
To the date, the price of this fuel has increased 3,789 pesos and in most of the country’s cities a gallon already exceeds 13,000 pesos, while the cost of diesel remains stable.
In the case of not having counted on the operation of the fepcSo far in 2023, the price of regular motor gasoline will be located, on average, at more than 3,883 pesos above the current average sale price per gallon and for diesel at more than 7,725 pesos.
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With the increases that have been announced, the National Government seeks the price of a gallon of gasoline in the country is equal to the international priceso it should reach 16,000 pesos in the coming months.
However, a study by Banco de Bogotá indicates that the local price of gasoline should be around 14,000 pesos and not 16,000 pesos, as the Government has stated.
🇨🇴 How far could the price of gasoline go up ⛽️?
In this little 🧵#IEBdB tells him:
1. The price of gasoline acquired in July 10 consecutive months of increase.
2. This has allowed for a gradual closure between the #gasoline international and local.1/N 🧵 pic.twitter.com/co6d0xguZ0
— BdB Investigations🥈🥈🥉 (@IEBancodeBogota) July 5, 2023
This is because the price of oil has fallen and the exchange rate has appreciated, marking levels that were not seen a year ago. Another important factor is that the price of international gasoline has also fallen.
So things, an adjustment of approximately 1,000 pesos would be missing to close the gap against international gasoline. However, it should not be overlooked that the volatility that the exchange rate and/or oil may have directly impact the price of fuel in the country.
