Difference between revisions of "Fuel Prices Colombia"

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{{Fuel Price Factsheet
 
{{Fuel Price Factsheet
 
|Fuel Price Country=Colombia
 
|Fuel Price Country=Colombia
 +
|Fuel Pricing Policies="Pricing policy: Fuel prices are controlled and price ceilings are set by Ministry of Mines and Energy, subject to the ultimate authority of Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), which exercises control over price increases. Price setting is at the discretion of government. A fuel stabilization fund for gasoline and diesel was created at end-2008, the purpose of which was to eliminate fuel price subsidies. An initial deposit of about US$170 million was transferred to the fund at the time. Budgetary transfers for fuel subsidies in 2009 amounted to 4,906 billion pesos (US$2.3 billion). There are no rules governing withdrawals from the fund, as in Chile. By end-2011, the fund’s deficit had grown to 2.2 trillion pesos (US$1.2 billion). ). In Mar 2013, government agreed not to raise diesel prices after a transport strike.
 +
Protests: In Mar 2013, thousands of truckers went on an indefinite strike to protest against rising fuel prices. The strike ended after three days after government agreed to reverse a price increase and not to increase the diesel price for three months.
 +
 +
Hedging: Although different from hedging petroleum product prices, Ecopetrol, the national oil company, hedges crude oil exports. Hedging cost Ecopetrol US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012.
 +
 +
Information: Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to Jul 2003."
 +
 +
(Source:  Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.)
 
|Fuel Currency=COP
 
|Fuel Currency=COP
 
|Fuel Price Exchange Rate=1850.04
 
|Fuel Price Exchange Rate=1850.04
 
|Fuel Price Exchange Rate Date=2010/11/17
 
|Fuel Price Exchange Rate Date=2010/11/17
−
|Fuel Price Last Updated=
 
 
|Fuel Price Composition=GIZ_IFP2012_Colombia1.png
 
|Fuel Price Composition=GIZ_IFP2012_Colombia1.png
 
|Fuel Price Composition Fuel Type=Gasoline 95 Octane
 
|Fuel Price Composition Fuel Type=Gasoline 95 Octane
−
|Fuel Price Composition Date=2012/04/1
+
|Fuel Price Composition Date=2012/04/01
 
|Fuel Price Composition Annotation=Source: http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391
 
|Fuel Price Composition Annotation=Source: http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391
 
|Fuel Price Composition 2=GIZ_IFP2012_Colombia2.png
 
|Fuel Price Composition 2=GIZ_IFP2012_Colombia2.png
−
|Fuel Pricing Policies=http://www.minminas.gov.co/minminas/downloads/UserFiles/File/hidrocarburos/DOCUMENTO%20GENERAL%20PRECIOS%20DE%20LOS%20COMBUSTIBLES.pdf
+
|Fuel Matrix Pricing Mechanism=2
−
 
 
−
Agencies:
 
−
“Ministry of Mines and Energy (MME): Determines the producer income, wholesale-retail distributor's mark-up and the full price of controlled products.
 
−
 
 
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Energy Mining Planning Unit (UPME): Monthly survey of the full price to service stations with monitored free regime
 
−
 
 
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Colombian Petroleum Company (Ecopetrol): The price structure for regular gasoline (up to the full price) and extra gasoline (up to the maximum price to the wholesale distributor) may be obtained on the Web.”
 
−
 
 
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Source and further information: http://uneprisoe.org/Pricing/FuelPricingPolicies.pdf
 
 
|Fuel Matrix Price Level=3
 
|Fuel Matrix Price Level=3
−
|Fuel Matrix Pricing Mechanism=2
 
 
|Fuel Transparency Price Composition=3
 
|Fuel Transparency Price Composition=3
 
|Fuel Transparency Pricing Mechanism=3
 
|Fuel Transparency Pricing Mechanism=3
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{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
 
|Fuel Price Factsheet Source Type=Pump prices and margins
 
|Fuel Price Factsheet Source Type=Pump prices and margins
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|Fuel Price Factsheet Source Link=http://www.minminas.gov.co/minminas/downloads/UserFiles/File/hidrocarburos/DOCUMENTO%20GENERAL%20PRECIOS%20DE%20LOS%20COMBUSTIBLES.pdf
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|Fuel Price Factsheet Source Link=http://bit.ly/1q2OFJ4
 
}}
 
}}
 
{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
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{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
 
|Fuel Price Factsheet Source Type=Pricing Mechanism
 
|Fuel Price Factsheet Source Type=Pricing Mechanism
−
|Fuel Price Factsheet Source Link=http://www.minminas.gov.co/minminas/downloads/UserFiles/File/hidrocarburos/DOCUMENTO%20GENERAL%20PRECIOS%20DE%20LOS%20COMBUSTIBLES.pdf
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|Fuel Price Factsheet Source Link=http://bit.ly/1q2OFJ4
 
}}
 
}}
 
{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
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}}
 
}}
 
{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
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|Fuel Price Factsheet Source Type=Other Information
 
|Fuel Price Factsheet Source Link=http://www.creg.gov.co
 
|Fuel Price Factsheet Source Link=http://www.creg.gov.co
 
|Fuel Price Factsheet Source Annotation=Energy and Gas Regulatory Commission
 
|Fuel Price Factsheet Source Annotation=Energy and Gas Regulatory Commission
 
}}
 
}}
 
{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
 +
|Fuel Price Factsheet Source Type=Other Information
 
|Fuel Price Factsheet Source Link=http://www.ecopetrol.com
 
|Fuel Price Factsheet Source Link=http://www.ecopetrol.com
 
|Fuel Price Factsheet Source Annotation=Colombian Petroleum Company
 
|Fuel Price Factsheet Source Annotation=Colombian Petroleum Company
 
}}
 
}}
 
{{Fuel Price Factsheet Source
 
{{Fuel Price Factsheet Source
 +
|Fuel Price Factsheet Source Type=Other Information
 
|Fuel Price Factsheet Source Link=http://www.minminas.gov.co
 
|Fuel Price Factsheet Source Link=http://www.minminas.gov.co
 
|Fuel Price Factsheet Source Annotation=Ministry of Mines and Energy
 
|Fuel Price Factsheet Source Annotation=Ministry of Mines and Energy
 
}}
 
}}
 +
{{Fuel Price Factsheet Source
 +
|Fuel Price Factsheet Source Type=Other Information
 +
|Fuel Price Factsheet Source Link=http://www.dinero.com/opinion/columnistas/articulo/la-encrucijada-del-precio-combustibles/186095
 +
}}
 +
 +
[[Category:Colombia]]

Latest revision as of 13:57, 7 October 2014

Part of: GIZ International Fuel Price database
Also see: Colombia Energy Situation

Fuel Pricing Policies

Local Currency: COP
Exchange Rate: 1850.04


(2010/11/17)

Last Update:

"Pricing policy: Fuel prices are controlled and price ceilings are set by Ministry of Mines and Energy, subject to the ultimate authority of Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), which exercises control over price increases. Price setting is at the discretion of government. A fuel stabilization fund for gasoline and diesel was created at end-2008, the purpose of which was to eliminate fuel price subsidies. An initial deposit of about US$170 million was transferred to the fund at the time. Budgetary transfers for fuel subsidies in 2009 amounted to 4,906 billion pesos (US$2.3 billion). There are no rules governing withdrawals from the fund, as in Chile. By end-2011, the fund’s deficit had grown to 2.2 trillion pesos (US$1.2 billion). ). In Mar 2013, government agreed not to raise diesel prices after a transport strike. Protests: In Mar 2013, thousands of truckers went on an indefinite strike to protest against rising fuel prices. The strike ended after three days after government agreed to reverse a price increase and not to increase the diesel price for three months.

Hedging: Although different from hedging petroleum product prices, Ecopetrol, the national oil company, hedges crude oil exports. Hedging cost Ecopetrol US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012.

Information: Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to Jul 2003."

(Source: Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.)

Fuel Prices and Trends

Gasoline 95 Octane Diesel
in USD*

in Local Currency

* benchmark lines: green=US price; grey=price in Spain; red=price of Crude Oil



Fuel Price Composition

Price composition for one litre of Gasoline 95 Octane as of 2012/04/01.


GIZ IFP2012 Colombia1.png
GIZ IFP2012 Colombia2.png


Source: http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391



At a Glance

Regulation-Price-Matrix
Transparency of
Price Composition 		Transparency of Pricing
Mechanism / Monitoring
IFPDB matrix background.png
IFPDB matrix point.png
 IFPDB trafficlight green.png IFPDB trafficlight explanation.png IFPDB trafficlight green.png



Sources to the Public

Type of Information Web-Link / Source
Other Information http://www.ecopetrol.com (Colombian Petroleum Company)
Other Information http://www.minminas.gov.co (Ministry of Mines and Energy)
Other Information http://www.dinero.com/opinion/columnistas/articulo/la-encrucijada-del-precio-combustibles/186095
Other Information http://www.bamep.gov.co (Bank of the Republic of Colombia)
Other Information http://www.creg.gov.co (Energy and Gas Regulatory Commission)
Pricing Mechanism http://bit.ly/1q2OFJ4
Pump prices and margins http://bit.ly/1q2OFJ4
Pump prices and margins http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391
Wholesale Prices http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391


Contact

Please find more information on GIZ International Fuel Price Database and http://www.giz.de/fuelprices

This is a living document. If you have any comments or suggestions, please feel free to contact us: Armin.Wagner@giz.de

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