Government suspends announcement on the elimination of gasoline subsidies – La Nación

The Government suspended the announcement about the elimination of subsidies for extra gasoline and ecopaís. There is no known new date to communicate the changes.

The government of Daniel Noboa suspended the announcement about the elimination of gasoline subsidies extra and ecopaís, which was scheduled for this Friday, June 14, 2024. According to the Ministry of Finance, the suspension is due to the health status of the minister of that State portfolio, Juan Carlos Vega.

Authorities have not set a new date to officially report the change in the subsidy.

This is known about the targeting process so far

1. It’s a decision made. That is, the process of targeting extra gasoline and eco-country must be completed in 2024.
2. The process of eliminating subsidies will begin with gasoline. This 2024, extra gasoline and eco-country will be focused. There will be no modifications to non-gas diesel for domestic use.
3. A single price for gasoline at service stations. The price of extra and ecopaís gasoline will be sold at a single price at the different gas stations in the country.
4. The process will be progressive. It will start with an increase of between 25 and 30 cents per gallon. Then a band system that will modify the price of gasoline monthly.
5. The price. The authorities will set the price of extra and ecopaís gasoline each month, depending on the oil on the international market.
6. Targeting will be through compensation. The government has identified those possibly affected: owners of taxi drivers, tricycles and regulated vans.
7. Registration of beneficiaries. Potential benefits must register on the Ministry of Public Works (Mtop) page to receive a monetary transfer directly to their savings accounts.

By: THE TRADE