Colombia’s mining and energy minister has said that it is not easy to lower the country’s fuel prices, reported local media on Wednesday.
The country’s truckers are currently involved in multi sector strikes against the government, protesting against the country’s high gasoline prices.
MORE: Who in Colombia is striking against the government and why?
According to Radio Santa Fe, President of Congress Juan Fernando Cristo suggested freezing fuel prices in a bid to enter negotiations with the truckers, but Minister of Mines and Energy Federico Renjifo has said that such a proposal is difficult to implement in reality.
“With the price of fuel, we have a formula to ensure that there is no volatility, i.e that prices do not rise or fall very strongly. We have looked at this in detail and the formula must remain,” said the minister.
“If we were to reduce fuel prices, the country would lose several billion dollars,” emphasized Renjifo.
The minister said that other options are being looked at in a bid to negotiate with truckers and end demonstrations.
“To reduce the prices of fuel is very difficult, it is an issue that must be examined in great detail,” said the minster.
“We are studying other formulas related to the subject of volatility, but have not looked at lowering prices,” explained Renjifo.
On Wednesday however, Senators Luis Fernando Velasco, Guillermo Garcia and Alexandra Moreno Piraquive Realpe filed a bill that seeks to change the formula used for setting the price of fuel.
“It is foolish that an oil producing country remains subject to international prices,” said Velasco.
“We need a fair formula that can alleviate the economy of Colombian families, not acting in the interests of shareholders of Ecopetrol and other oil companies,” added the congressman.
Sources
- Radicado proyecto de ley para disminuir precios de combustibles (Radio Santa Fe)
- No es fácil bajar los precios del acpm: Ministro de Minas (Vanguardia)