*Ecuador’s President Daniel Noboa has issued a decree announcing that a planned reduction in fuel subsidies will begin tomorrow (28 June). Subsidies will be cut for Extra and Ecopaís petrol but will remain in place for diesel and liquefied petroleum gas (LPG). Petrol prices will increase tomorrow from their current fixed price of US$2.465/gallon to US$2.722/gallon. From there, petrol prices will be allowed to rise by a maximum of 5% per month and fall by a maximum of 10%, in line with international prices. This means that the government would still be paying fuel subsidies if there was a sharp monthly spike in international petrol prices of over 5%.
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LatinNews Daily - 27 June 2024
In brief: Ecuador poised to phase out fuel subsidies
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