According to the Fendipetróleo gasoline price report, the national average for a gallon of this fuel is $9,724, but in October that price will reach $10,124.
In the case of Santander, the current price is $9,033, one of the lowest in the country. But with the hike proposed by the Government, Petro will go to $9,433 in October.
All of the above because the Ministry of Finance confirmed that the increases in gasoline begin next month with an initial $400. However, it is pending to define whether it would be a series of consecutive hikes and for how many months.
When talking about gasoline prices, you have to understand how its price is made up. According to the rate report of the Commission for the Regulation of Energy and Gas (Creg), 57% of what a person pays for each gallon goes to ‘Income to the producer’ (what Ecopetrol receives), and 23% to taxes ; for a total of 80%.
The remaining percentage is divided by 9% for the distribution service, that is, for the more than 6,200 stations that have 19 wholesale companies.
Then, 6% of the total remains in the fuel storage service and 5% to cover transportation costs through pipelines.
“And this $400 increase that is being talked about goes to cover the income for the producer, that is, Ecopetrol, which is the one with whom we owe a debt for not raising prices earlier,” explained Juan Carlos Vélez Uribe, president of Fendipetróleo.
make accounts
These are the points that the Government takes into account when defining the price of gasoline. But now, with the announced increase, at least in Santander, tanking your car per gallon would go from those $9,033 on average to $9,433 in October.
And if the month-to-month increases are maintained, it will be $10,233 to close the year. In this aspect, the Government evaluates if the increase should have a consistent increase of five months, that is, that in February the rate in the department would reach $11,033.
Side effect
In the update of the first quarter of the Autonomous Committee of the Fiscal Rule, it is shown that for every 1% increase in gasoline prices, there would be an adjustment of at least 0.05% or 0.08% in inflation . Even so that the adjustment is not so immediate, the technical analysts of the Ministry of Mines also foresee that this increase does not necessarily have to be for each consecutive month.
There is even talk of a bimonthly or even quarterly increase, but the truth is that at least between four and five adjustments to the rates would be needed so that relief can be generated for the deficit of the Price Stabilization Fund (Fepc) , which is close to $35 billion.