Since midnight, gasoline prices in the country have increased by $400 per gallon on average. The National Government has decided to reduce the value of the fuel subsidy, in order to reduce the deficit of the Fuel Price Stabilization Fund (FEPC).
Diesel prices will remain stable. According to the Government, the measure aims to reduce the fiscal impact of the FEPC on the national Government due to the dynamics of the international prices of refined products, which have increased due to international factors such as the price of oil and the level of global risk that affected the exchange rate in the country.
In context: It would change the form of payment to wholesale distributors of gasoline and ACPM
It is important to note that the national government will continue with a policy of stabilizing the price of ACPM, Therefore, the income to the ACPM fossil producer was slightly reduced so as not to impact the ACPM price given the increase in biodiesel.
As of April 2023, the retail price of regular gasoline in the different cities of the country, except in Nariño, it will be located at an average of $11,167 per gallon, while the retail price of the ACPM in different cities of the country will not have any adjustment, remaining in $9,065 per gallon.
Reference prices by cities – Valid from April 1, 2023
No.City MC Gasoline ($/gal) ACPM ($/gal)
1Bogota11.5739.357
2Medellin11.5119.372
3Cali11.6119.484
4Barranquilla11.2479.060
5Cartagena11.2059.028
6Hunting11.4559.278
7Bucaramanga11.3209.125
8Villavicencio11.6739.457
9Pereira11.5549.429
10Manizales11.5649.417
elevenibagué11.5189.348
12Grass9.3168.396
13cucuta9.6257.089
Average RRP price – 13 Major Cities11.1679.065
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Despite the increase in the price of regular gasoline, Colombia continues to have one of the cheapest gasoline and diesel prices in Latin America due to the operation of the Fuel Price Stabilization Fund (FEPC), which has mitigated the inflationary pressure of the increases in the prices of oil and its derivatives in recent months.
If the operation of the FEPC had not been available so far in 2023, the price of regular gasoline and ACPM would have been located, on average, more than $4,500 and $8,700 above the prevailing average sales price per gallon, respectively.
More information: Gasoline price continues to rise: the sharp increase it will have in February
This measure has been the subject of discussion and debate throughout the country, with some voices in favor of reducing the subsidy to guarantee the fiscal sustainability of the FEPC, while others argue that the measure will negatively affect the economy of low-income people alreadys productive sectors that depend on transporting fuel.
