Finance Minister Germán Ávila announced a $400 increase in gasoline prices starting May 1. The move reverses prior cuts from January and February amid international pressures and high oil prices. The national average price will reach $15.749 per gallon.
Finance Minister Germán Ávila made the announcement during a press conference alongside interest rate decisions. He pointed to the global situation, including the war in the Middle East and Iran, as drivers of high oil prices impacting not just gasoline but also fertilizers.
"No es sostenible para el país ni lógico que, ante precios internacionales elevados, el Gobierno genere un esquema de subsidios a la gasolina. No es sostenible, viable ni conveniente. Es el peor de los subsidios que puede hacer el Estado", Ávila stated.
He noted the government cut prices when feasible in January and February but must now reverse them. "Creemos que es lo responsable y lo conveniente, y creo que la sociedad colombiana nos entenderá, porque cuando es posible bajamos el precio, pero cuando no es sostenible, debemos tomar la decisión responsable de hacer estos incrementos", he added.
Highest prices will be in Villavicencio ($16.291), Cali ($16.200), and Bogotá ($16.191), while Pasto ($13.787), Cúcuta, and Cartagena ($14.165) will have the lowest.
