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Finance Ministry Comment On Gasoline Prices Following Protest

COLOMBIA
  • Accompanied by two members of congress, thousands of people joined a protest in Bogota over increases in gasoline prices. In response to the march, the finance ministry stated via social media that the National Government has not raised the price of diesel, nor has it contemplated increases this 2023.
    • “Colombia is one of the countries that has one of the cheapest gasoline and diesel prices in LatAm, due to the operation of the FEPC, which has mitigated the inflationary pressure of the increases in oil prices and its derivatives in recent months.”
  • This week, Banco de la República meets although no interest rate decision is scheduled. Confidence data from Fedesarrollo is expected today and DANE will publish labour market data on Wednesday. Finance Minister Bonilla is scheduled to speak at a debt seminar, held by IDB in Bogota (1400BST/0900ET).
  • Colombia has significantly boosted its imports of LNG to conserve its hydroelectric operations as El Niño threatens to bring dryness to the country. According to Bloomberg, the country has already imported 309,000 metric tons of LNG as of Monday. This is almost 60% more than all last year.
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