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Ocampo Says Colombia To Start Raising Fuel Prices From October

COLOMBIA
  • COLOMBIA TO START RAISING FUEL PRICES FROM OCT., OCAMPO SAYS (BBG)
  • Follows comments made by both the President and Ocampo indicating that the government will reduce fuel subsidies.
  • “We will return to the path of higher prices in fuel, and the objective will be nothing more than to reduce the irresponsibly accumulated deficit,” Petro wrote via twitter.
    • The government also plans to set more controls for effective taxation on fuel companies, and is considering levies on both extracted amounts and exports at international prices, Petro said.
  • Speaking last Friday, Finance Minister Ocampo said that Colombia needs to carefully reduce fuel subsidies in order to lower the fiscal deficit without exacerbating its inflation problem.

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