Fuel Prices Colombia

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.

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

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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