The price of gasoline and diesel in Colombia fell for the second month in a row to $4.80 and diesel is now $4.37 per gallon respectively in Bogota.
As of Friday the price of a gallon of gasoline had dropped $0.08 while that of diesel fell $0.05.
Mines and Energy Minister Mauricio Cardenas announced the new price structure Thursday at the presidential palace.
“If international prices of crude oil continue to fall and within the process of Congress’ tax reform bill the proposal of reducing taxes on gasoline is included, the price of fuel in Colombia could keep dropping,” said Cardenas.
The minister added, “We have a formula from last year which allowed the stabilization of prices, in such a way that the country is not exposed to the big increases we have had in prices in the international markets and which allows the moderation of fluctuations.”
Cardenas also said the dropped cost followed the behavior of international markets and that gas stations that do not comply with the ministry’s new price resolution would be subject to financial penalties.