Mines and Energy Minister Hernan Martinez Torres announced that Colombia’s fuel prices are unlikely to rise in August, reports Caracol Radio.
Martinez said the freeze was due to the behaviour of international oil prices and the favorable exchange rate of the peso against the dollar.
The radio station said the minister declared this good news for the incoming government, which will inherit a hydrocarbon sector with stable petrol and diesel prices.
The minister announced that foreign investment in the hydrocarbons sector will reach $10 million this year and $57 billion within five years.
Martinez also announced government plans to continue with a proposed oil exploration project in disputed waters in the Caribbean Sea, despite protests from Nicaragua’s President Daniel Ortega.