The price of gasoline in Colombia increased by $0.056 per gallon Monday after authorization for the rise was granted by the Ministry of Mining and Energy Friday.
A gallon of gasoline in the Colombian capital Bogota now costs $4.856 and of diesel $4.208. The price increase took effect midnight August 1.
Taking into account the fact that the average price of a barrel of oil on the international market reached $98 a barrel at the end of July, Mining and Energy Minister Carlos Rodado Noriega approved the increase Friday afternoon.
According to Caracol Radio, the president of petroleum trade association Fendipetroleo, Juan Camilo Yepez said that periodic price hikes are inevitable when the price of a barrel of oil increases.