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
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|Fuel Pricing Policies='''Agencies:'''
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|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.
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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.  
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“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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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.
  
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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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Information: Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to Jul 2003."
  
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Source and further information: http://uneprisoe.org/Pricing/FuelPricingPolicies.pdf
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(Source:  Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.)
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Fuel prices are controlled and price ceilings are set by the 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 the end of 2008, the purpose of which was to eliminate fuel price subsidies. 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). Government posts historical statistics on retail prices of gasoline, diesel, and CNG on its Web site. Hedging cost Ecopetrol, the national oil company, US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012. The Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to July 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
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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
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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 Annotation=Ministry of Mines and Energy
 
|Fuel Price Factsheet Source Annotation=Ministry of Mines and Energy
 
}}
 
}}
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{{Fuel Price Factsheet Source
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|Fuel Price Factsheet Source Type=Other Information
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|Fuel Price Factsheet Source Link=http://www.dinero.com/opinion/columnistas/articulo/la-encrucijada-del-precio-combustibles/186095
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}}
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[[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.bamep.gov.co (Bank of the Republic of Colombia)
Other Information http://www.creg.gov.co (Energy and Gas Regulatory Commission)
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
Pricing Mechanism http://bit.ly/1q2OFJ4
Pump prices and margins http://www.ecopetrol.com.co/contenido.aspx?catID=192&conID=36336&pagID=129391
Pump prices and margins http://bit.ly/1q2OFJ4
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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