2024-10-07 15:25:50
This was stated by the Minister of Finance. The conflict in the region recently escalated when Iran launched more than 180 missiles at Israel, sparking concern in international markets.
The Minister of Finance, <a href="https://time.news/colombia-inflation-in-march-2024-was-7-36-2024-04-07-170654/" title="Colombia inflation in March 2024 was 7.36%
– 2024-04-07 17:06:54″>Ricardo Bonilla, warned that gasoline prices in Colombia could experience a new increase due to the escalation of the conflict in the Middle East. On average, the current price of a gallon of gasoline in the country stands at $15,600, after a series of gradual increases in the last year and a half. However, the geopolitical situation and its repercussions on the global energy market could have a direct impact on fuel prices in the coming weeks.
The conflict in the region recently escalated when Iran launched more than 180 missiles at Israel, raising concerns in international markets, particularly in the energy sector. Given this scenario, Bonilla pointed out that fluctuations in the price of oil will directly affect the Colombian economy and, especially, the Fuel Price Stabilization Fund (FEPC), which plays a fundamental role in keeping domestic oil prices stable. fuels.
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“The conflict in the Middle East will have a negative impact on fuel prices. If the barrel of oil continues to rise, it will affect international prices, and what we had closed on the issue of gasoline would be reopened, we would have to make new adjustments,” mentioned the head of the Treasury portfolio.
Negative global effects
Likewise, Bonilla emphasized that, although this situation could benefit oil-exporting countries, the global effects will be negative, especially for economies like Colombia, where the FEPC deficit could reach $10.5 billion this year.
In the international market, crude oil price references have also shown signs of increase. According to Bloomberg, Brent, a key reference for Colombia, has increased by 0.55%, reaching US$78.05 per barrel. Similarly, WTI has risen 0.91%, settling at US$74.38 per barrel.
With this outlook, Colombians could face new increases in gasoline prices, which would affect consumers’ pockets and increase concerns about the stability of energy prices in the country.
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