As the Minister of Finance, José Antonio Ocampo, had anticipated in recent days, the new year will welcome Colombians with an increase in the reference price of gasoline. It will be, on average, 389 pesos per gallon from the first of January.
The price of a gallon of diesel will also register an increase, but less, of only 57 pesos, also due to legal regulations and regular updates at the beginning of the year.
With these adjustments, in the first month of 2023, the average retail price of regular gasoline, taking into account the 13 main cities, will be 10,167 pesos per gallon. Meanwhile, the average price of diesel will reach 9,065 pesos per gallon.
In some cities, such as Bogotá and Villavicencio, the increase will be 400 pesos. The Ministry of Finance explained that, of this total, 173 pesos correspond to legal regulations and regular updates on January 1 of each year regarding transportation and marking rates, in addition to the gasoline surcharge.
While 34 pesos are the increase in the price of fuel alcohol mixed with fossil fuel and, finally, 193 pesos for the increase in producer income and its effect on the structure, whose differential with the international price is stabilized through the Fund of Liquid Fuel Price Stabilization (FEPC).
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In this way, the National Government seeks to reduce the fiscal impact of the FEPC due to the dynamics of the international prices of refined products, which have been due to international factors such as the price of oil and the level of global risk that affected the exchange rate in the country.
According to the ministry, even including the increase in the price of regular gasoline, Colombia continues to have one of the cheapest gasoline and diesel prices in Latin America. Had the FEPC not operated so far in 2022, the price of gasoline and diesel would have been, on average, more than 6,100 and 10,400 pesos above the current price, respectively.
The highest prices
Taking into account the 13 main cities in Colombia, the most expensive gasoline will be sold in Villavicencio, where it will cost 10,623 pesos. They are followed by Cali (10,559 pesos), Bogotá (10,523 pesos) and Manizales (10,513 pesos).
On the contrary, the lowest prices are those of cities located in the border area, such as Cúcuta (8,575 pesos) and Pasto (8,916 pesos)since they have several tax benefits.