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LatinNews Daily - 20 August 2021
In brief: Ecuador’s energy minister insists fuel price bands will stay
* Ecuador’s energy minister, Juan Carlos Bermeo, has said that President Guillermo Lasso’s administration has no plans to abandon the current system of price bands for petrol fuels, despite protests calling for a reversion to the old system of fixed fuel prices. Speaking to Spanish newswire EFE, Bermeo said that the price band system, introduced in July 2020, is the result of consultation with the World Bank and “isn’t an Ecuadorean invention” or a “gimmick”. “The band system puts a floor and a ceiling on prices, linked to the price of fuel abroad and [the cost of] shipping it to Ecuadorean ports”, he explained. Street protests were held on 10 and 11 August calling for fuel prices to be reduced, given the economic impact of the coronavirus (Covid-19) pandemic.
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