The alternatives to remedy the current deficit of the Fuel Price Stabilization Fund in the country have been increasing. Recently the Ministry of Mines and Energy issued a statement with an important decision for the sector.
This is a modification to article 1 of Resolution 4-0220 of 2022, which establishes the regulations for the use of diesel and biodiesel in the country: “The value of income to the producer of alcohol fuel for a given month, may not exceed in any case the reference price for Bogotá of regular oxygenated motor gasoline.“.
The new resolution states that since This October 1, the entrance to the biofuel product will be fixed for use in diesel engines at 20,248 pesos per gallon. This change occurs in the level of mixtures with ACPM without modifying the income to the producer set for biofuel in other areas of the country.
This was a request advanced by experts to help remedy the country’s debt in this sector.
For Camilo Prieto Valderrama, professor of climate change and environmental health at the Javeriana University, biodiesel is an alternative to help correct the deficit that currently exists in the Fuel Price Stabilization Fund. For every gallon of diesel sold in the country, at least 10% corresponds to biodiesel.
“This is a transition biofuel that has less polluting emissions than fossil diesel“, Explain.
For this reason, a readjustment of the variables with which the price of a gallon of biodiesel is calculated, by taking advantage of the reduction in the international price of palm oil, can translate into savings of at least 300 pesos per gallon of diesel, according to Prieto.
If this is multiplied by the 160 million gallons that the country consumes per month of diesel, it would be a saving of more than 50 billion pesos. Which would not be translated into the payments of the final consumer since the Government has made it clear that the cost of diesel will not intervene.
“It is a saving that can be used to cushion the deficit that the Fund presents month after month.“, he points out.
(See: Not only food: the sectors that would suffer from the rise in gasoline).
It should be remembered that the Minister of Finance, José Antonio Ocampo, clarified that the increases in gasoline would be 200 pesos per month from October until the end of the year. However, diesel would not suffer increases so as not to affect cargo transport.