Minister of Mines and Energy Mauricio Cardenas Santamaria said Friday that from October 1 a new formula to dictate the price of fuel will go into effect, in a conversation with Caracol Radio.
“What we are looking for is stability in the price of gasoline, we are going to consult what is happening in the international market in the last 60 days and make a decision based on this, if there is an upward trend, the price will increase, if there is a downward trend, the price in Colombia will decrease,” said the minister.
The increments will be moderated and there will be a maximum rise of 1.5% or a fall of 1.5%. “We are going to even out the behavior of the price of gasoline” said the Minister Santamaria.
The minister said that it will be known on Friday afternoon whether the price of fuel will increase or decrease for October.
In the face of criticism about the high cost of gasoline in the country, he said that it is necessary to look at the international market and to analyze taxes; tax per gallon is $1.29.
