The Colombian government has cut the price of fuel in an effort to boost employment, Colombian Finance Minister Juan Carlos Echeverry announced Monday.
“Decreasing the tariff on diesel from 5% to 0%, for example, will cost the state $84.3 million each year, but that will contribute to improving employment, transport, and reducing the cost of living,” Echeverry said in a press statement.
According to a Colombian fuel distributor, fuel prices are expected to fall by approximately $.06 per gallon, reported Radio Caracol. The average Colombian who refills their tank once a week will save $1.12, the distributor estimated.
The finance minister hopes that lowering fuel prices, among other measures, will cut the unemployment rate down to single digits by December 31 in accordance with the stated goal of Colombian President Juan Manuel Santos.