“There is an imaginary inflation that can only be solved within the real world. We will have to adjust the price of diesel. And it will be the next measure to be adopted by this Government,” the minister said, quoted by Blu Radio.

Bonilla discarded any arrangements with unions on this respect. “I am announcing that it is a decision that has to be made and that there will be no agreement in this regard,” he underscored.

In previous statements, the minister had raised the possibility that in 2024 the value of fuel would ramp up by 3,000 pesos per gallon (about 75 US dollar cents at the current exchange rate), with an additional increase of another 3,000 pesos by 2025.

Echoing Bonilla´s statements, the Comptroller General of the Republic, Carlos Rodríguez, said that although the elimination of subsidies would increase prices in the short term, the measure is critical to maintain balanced public finances.

Adding to such arguments, CEO of ECOPETROL, Ricardo Roa, stated recently that the decision is vital to put reins on the deficit of the Fuel Price Stabilization Fund.

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