Andean Group - March 2011 (ISSN 1741-4466)

Oil: As a result of the continuing crisis in North-African and Middle Eastern oil producing countries and the subsequent increase in the price of oil, the Colombian government had authorised an increase of COL$210 (US$0.11) per litre of oil at the pump. The increase went into effect on 1 March and is intended to address (partially) the current deficit of COL$270bn (US$141.41m) in the fund for the stabilisation of oil prices (FEPC), which, amongst others, was caused by the destruction wreaked by the intense winter.

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