Fuels
Government neutralizes Mepco and drives fuel prices to historic highs
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José Antonio Kast's government issued decrees tweaking the Mepco, allowing historic gasoline and diesel price hikes starting March 26. The move addresses surging oil prices from the Iran war and fiscal tightness, with relief for paraffin and transporters. Congress approved the bill after negotiations exempting SMEs from higher taxes.
Starting April 24, 2026, the “Complemento Concepto para la facturación de Hidrocarburos y Petrolíferos” will take effect as part of the CFDI for gas stations selling regular, premium gasoline or diesel. Created by SAT in coordination with SENER, CNE and ATDT, it requires valid CNE permits to issue invoices. The measure aims to combat fuel theft, smuggling and corruption.
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Brazil's average diesel price to distributors climbed 40% in early March to R$ 5.36 per liter following intensified US and Israeli attacks on Iran, per ANP data. Pump prices rose 20% by late March. Building on the March 12 federal tax exemption, the Lula administration is pressuring fuel stakeholders to limit consumer pass-throughs and fast-tracking a diesel subsidy ahead of October elections.
Chile's Finance Minister Jorge Quiroz stated the government is reviewing changes to the Fuel Price Stabilization Mechanism (Mepco) due to high fiscal costs from oil price rises tied to the Middle East conflict. He previewed a bill to fund the Petroleum Price Stabilization Fund (Fepp) and prevent paraffin price hikes. Opposition lawmakers criticized it as passing war-related costs to families.
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Fuel prices in Brazil rose for the second consecutive week, according to ANP data released on March 13, 2026. Diesel saw an 11.8% increase, while gasoline rose 2.5%, reflecting the impacts of the war in Iran on international oil prices.
Colombia's Finance Minister Germán Ávila announced that the gasoline price will decrease by $500 per gallon starting February 1, 2026. This reduction exceeds the initial projection of $300 and is part of an anti-inflationary strategy. The government plans further adjustments to ease household economics.
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Building on Minister Palma's recent confirmation of progress, the Colombian government will reduce regular gasoline by 300 pesos per gallon from February 1, 2026. Finance Minister Germán Ávila confirmed the move closes the Fuel Prices Stabilization Fund (FEPC) gap with international prices, easing consumer costs.
President Kast messages youth amid fuel price hike protests
2026/03/26 13:01Government enacts fuel aid law after Mepco neutralization amid soaring prices
2026/03/23 10:39Kast reprimands Schalper at political committee and calls for unity
2026/03/23 04:22Government announces historic gasoline and diesel price hikes due to Iran conflict
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2026/03/13 03:57PT proposes external commission to oversee fuel prices
2026/02/26 20:11Colombia enacts second $500 gasoline price cut from March 1 after ministerial confirmation
2026/02/23 10:02Creg has not yet defined remuneration for margins in fuel distribution
2026/02/19 15:55CREG updates remuneration margins for fuel distributors
2026/01/31 12:43Minister Palma defends $500 gasoline price cut amid Fepc debt debate