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Ocampo Says Will Start Raising Fuel Prices From October

  • 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.
  • Colombia’s Congressional economic committees voted to increase the 2023 budget by COP14.2 trillion to COP405.6 trillion ($92 billion).
    • Finance Minister Ocampo said part of the budget rise will come from additional debt from multilateral and other nation’s development agencies borrowing.

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