A gallon of petrol and diesel will increase by $0.08 (150 COP) from Friday April 1, it was announced by the Mines and Energy Minister.
The increase means that for Bogota, the reference price has been set at $4.53 per gallon of petrol.
The government said that the increase in price reflects rising international oil prices adding that the large gap between the international price and the domestic price has put a strain on public finances, prompting the increase.
According to RCN Radio, the price stabilization fund, set up by the government to ease the financial pressure on motorists, is facing a deficit of just over $210 million.
The president of fuel sector trade organization Fendipetroleo, Juan Carlos Yepes Alzate, argued against the increase, saying that the price of fuel in Colombia is becoming too high and is affecting the retail industry as distributors are charging more to cover their transportation costs, reported El Colombiano.