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Energy Ministry Announce Gasoline Price Increase

COLOMBIA
  • News on Monday concerning the administration’s cabinet departures consistently weighed on the Colombian peso throughout Tuesday’s session. COP declined around 2% and was the notable underperformer within the region.
    • Although market participants may not be overly worried by the three ministries in the spotlight, the fear that more changes may be in the pipeline could be spooking local assets. One economist from BTG Pactual noted the government likely managed to prevent a larger selloff by issuing a reassurance that Finance Minister Jose Antonio Ocampo has no plans to leave.
  • Colombia will increase the gasoline price 3.5% nationwide starting March 1, according to a statement sent by the Energy Ministry.
    • Gasoline to rise COP400 per gallon to COP10,766 per gallon on average. The Government won’t increase diesel prices mostly used by freight transport.
  • As a reminder on Tuesday, the central bank announced that they will transfer profits amounting to 1.6T pesos in TES to the government.

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