In the early hours of this September 6, the National Government and transport associations They managed to reach an agreement on the increase in the reference fuel ACPM, which led to the lifting of the truckers’ strike that was carried out this week.
Among the reasons given by the Government for making the increase is to begin to reduce the deficit of the Fuel Price Stabilization Fund (Fepc)which accumulates a gap of 20 billion pesosaccumulated over 17 years.
(You may be interested in: ‘The situation of the transporters could have been avoided with a different approach’: Andi).
It is worth mentioning that, as explained by the Ministry of Finance and Public Creditthere are also other reasons to highlight this increase, which was agreed at 800 pesos (400 pesos from the date the modification was issued, and another 400 pesos from December 1).
#Attention 🚛🤝 After days of dialogue, the Government and transporters lift the strike. ACPM will raise $800💰in two phases: $400 after modifying resolution 40350 and $400 on December 1📅. They agreed on 14 more points📋, with technical tables and a special article in the labor reform⚖️. pic.twitter.com/R1kdqGqnqk
— MinTransporte (@MinTransporteCo) September 6, 2024
Matching international prices
One of the reasons that the National Government had previously explained and that it emphasizes in the context of this situation has to do with equalizing the value of a gallon of diesel fuel with international prices.
It is worth mentioning that, according to a report by Global Petroleum Pricesthe gallon of diesel in the country is one of the least expensive in Latin America, with an average price of $2.79only surpassing those of Bolivia, Ecuador and Venezuela.
(Further: Diesel price hike could be transferred to private vehicles such as pickup trucks).
“If the international price for diesel fuel is not recognized, fuel production may be directed to countries that are willing to pay that value, generating shortages and forcing an increase in import volumes.“, explains the Ministry of Finance.
Gasoline
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He also mentions that the royalties they receive are paid based on the international price of oil.Therefore, if this value is not recognized, the mayors and governors would receive fewer resources that are destined for road infrastructure or education works, among others.“.
According to the Law 1819 of 2016he Ministry of Mines and Energy You must calculate the international parity price taking the United States market or another competitive market as a reference.
The role of Ecopetrol
Among the reasons given by the ministry are the transfers to the state oil company Ecopetrol, which receives resources from the payment per gallon.
(Further: The 4 keys to understanding the agreement reached by truckers and the Government).
“With lower transfers from Ecopetrol to the Nation, the cost of public debt would increase and, therefore, that of private companies, which would lead to lower economic growth and a higher cost for investors.“.
“Whenever a price different from the international price is charged, a particular sector will end up being subsidized and the financial burden will fall on the national budget, which translates into greater indebtedness of the national government, higher taxes and less social investment.“, he added.
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