New system to soften fuel hikes

Colombia’s finance minister announced a new system for calculating fuel prices to soften increases in gasoline costs, reports RCN Radio Tuesday.

Juan Carlos Echeverry explained that the new system, which will be in place shortly, uses the experiences of other countries and applies formulas that can offset the fluctuations in international oil prices.

He stated that the objective is for families and companies that use cars to have a more reliable way of calculating their fuel consumption.

Meanwhile, the Mines and Energy Ministry will announce Thursday the new reference price of gasoline for the month of February, after freezing prices in the immediate aftermath of the rainy season.

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