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| | {{Fuel Price Factsheet | | {{Fuel Price Factsheet |
| | |Fuel Price Country=Colombia | | |Fuel Price Country=Colombia |
| − | |Fuel Pricing Policies='''Agencies:''' | + | |Fuel Pricing Policies="Pricing policy: Fuel prices are controlled and price ceilings are set by Ministry of Mines and Energy, subject to the ultimate authority of Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), which exercises control over price increases. Price setting is at the discretion of government. A fuel stabilization fund for gasoline and diesel was created at end-2008, the purpose of which was to eliminate fuel price subsidies. An initial deposit of about US$170 million was transferred to the fund at the time. Budgetary transfers for fuel subsidies in 2009 amounted to 4,906 billion pesos (US$2.3 billion). There are no rules governing withdrawals from the fund, as in Chile. By end-2011, the fund’s deficit had grown to 2.2 trillion pesos (US$1.2 billion). ). In Mar 2013, government agreed not to raise diesel prices after a transport strike. |
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| + | Protests: In Mar 2013, thousands of truckers went on an indefinite strike to protest against rising fuel prices. The strike ended after three days after government agreed to reverse a price increase and not to increase the diesel price for three months. |
| − | “Ministry of Mines and Energy (MME): Determines the producer income, wholesale-retail distributor's mark-up and the full price of controlled products.
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| − | Energy Mining Planning Unit (UPME): Monthly survey of the full price to service stations with monitored free regime
| + | Hedging: Although different from hedging petroleum product prices, Ecopetrol, the national oil company, hedges crude oil exports. Hedging cost Ecopetrol US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012. |
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| − | Colombian Petroleum Company (Ecopetrol): The price structure for regular gasoline (up to the full price) and extra gasoline (up to the maximum price to the wholesale distributor) may be obtained on the Web.”
| + | Information: Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to Jul 2003." |
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| − | Source and further information: http://uneprisoe.org/Pricing/FuelPricingPolicies.pdf
| + | (Source: Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.) |
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| − | Fuel prices are controlled and price ceilings are set by the Ministry of Mines and Energy, subject to the ultimate authority of Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), which exercises control over price increases. Price setting is at the discretion of government. A fuel stabilization fund for gasoline and diesel was created at the end of 2008, the purpose of which was to eliminate fuel price subsidies. Budgetary transfers for fuel subsidies in 2009 amounted to 4,906 billion pesos (US$2.3 billion). There are no rules governing withdrawals from the fund, as in Chile. By end-2011, the fund’s deficit had grown to 2.2 trillion pesos (US$1.2 billion). Government posts historical statistics on retail prices of gasoline, diesel, and CNG on its Web site. Hedging cost Ecopetrol, the national oil company, US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012. The Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to July 2003. (Source: Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.)
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| | |Fuel Currency=COP | | |Fuel Currency=COP |
| | |Fuel Price Exchange Rate=1850.04 | | |Fuel Price Exchange Rate=1850.04 |
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| | {{Fuel Price Factsheet Source | | {{Fuel Price Factsheet Source |
| | |Fuel Price Factsheet Source Type=Pump prices and margins | | |Fuel Price Factsheet Source Type=Pump prices and margins |
| − | |Fuel Price Factsheet Source Link=http://www.minminas.gov.co/minminas/downloads/UserFiles/File/hidrocarburos/DOCUMENTO%20GENERAL%20PRECIOS%20DE%20LOS%20COMBUSTIBLES.pdf | + | |Fuel Price Factsheet Source Link=http://bit.ly/1q2OFJ4 |
| | }} | | }} |
| | {{Fuel Price Factsheet Source | | {{Fuel Price Factsheet Source |
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| | {{Fuel Price Factsheet Source | | {{Fuel Price Factsheet Source |
| | |Fuel Price Factsheet Source Type=Pricing Mechanism | | |Fuel Price Factsheet Source Type=Pricing Mechanism |
| − | |Fuel Price Factsheet Source Link=http://www.minminas.gov.co/minminas/downloads/UserFiles/File/hidrocarburos/DOCUMENTO%20GENERAL%20PRECIOS%20DE%20LOS%20COMBUSTIBLES.pdf | + | |Fuel Price Factsheet Source Link=http://bit.ly/1q2OFJ4 |
| | }} | | }} |
| | {{Fuel Price Factsheet Source | | {{Fuel Price Factsheet Source |
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| | |Fuel Price Factsheet Source Annotation=Ministry of Mines and Energy | | |Fuel Price Factsheet Source Annotation=Ministry of Mines and Energy |
| | }} | | }} |
| | + | {{Fuel Price Factsheet Source |
| | + | |Fuel Price Factsheet Source Type=Other Information |
| | + | |Fuel Price Factsheet Source Link=http://www.dinero.com/opinion/columnistas/articulo/la-encrucijada-del-precio-combustibles/186095 |
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| | + | [[Category:Colombia]] |
"Pricing policy: Fuel prices are controlled and price ceilings are set by Ministry of Mines and Energy, subject to the ultimate authority of Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), which exercises control over price increases. Price setting is at the discretion of government. A fuel stabilization fund for gasoline and diesel was created at end-2008, the purpose of which was to eliminate fuel price subsidies. An initial deposit of about US$170 million was transferred to the fund at the time. Budgetary transfers for fuel subsidies in 2009 amounted to 4,906 billion pesos (US$2.3 billion). There are no rules governing withdrawals from the fund, as in Chile. By end-2011, the fund’s deficit had grown to 2.2 trillion pesos (US$1.2 billion). ). In Mar 2013, government agreed not to raise diesel prices after a transport strike.
Protests: In Mar 2013, thousands of truckers went on an indefinite strike to protest against rising fuel prices. The strike ended after three days after government agreed to reverse a price increase and not to increase the diesel price for three months.
Hedging: Although different from hedging petroleum product prices, Ecopetrol, the national oil company, hedges crude oil exports. Hedging cost Ecopetrol US$450 million in 2011, and incurred costs in six out of the past seven years, prompting a congressional hearing in 2012.
Information: Ministry of Mines and Energy posts detailed price information by location for gasoline and diesel every month, dating back to Jul 2003."
(Source: Kojima, Masami. (2013, forthcoming). “Petroleum product pricing and complementary policies:Experience of 65 developing countries since 2009.” Washington DC: World Bank.)
