Ministry of Finance announces revision of the formula to calculate the price of gasoline

Also, he added, the gasoline rate has local and state taxes, which make up more than 40% of the final price.

“We will have to see at any moment if we change a tax,” he added.

“In the short term, we remain dependent on what is imported for gasoline and what is refined in Colombia. There is the deficit and that is financed with the Stabilization Fund. The discussion is ‘we pay for petrol, or we incur social expenses’, and the latter is a priority for the country and for the government,” he noted.

On whether the price increase will continue every month, Bonilla assured that it will continue for at least another 24 months.

“Yes, it is the path that should be followed for at least two years and then slowed down and hopefully the government’s first measures in this regard. I will sit down with the tax regulation committee to look at the real impact of gasoline on prices in the country,” he added.

Source: El heraldo