LatinNews Daily - 08 April 2022

In brief: Honduras’s Castro under pressure to address high fuel prices

*Honduras’s President Xiomara Castro has appointed a high-level committee to meet with transport workers to address the crisis caused by high fuel prices, exacerbated by Russia’s war with Ukraine. Her announcement follows a nationwide strike which took place yesterday (7 April) by transport workers demanding an increase in tariffs, a bonus or subsidy and a reduction in fuel prices. Honduras’s leading private sector lobby Consejo Hondureño de la Empresa Privada (Cohep) issued a statement urging the two sides to reach an agreement warning that the protest action translated into daily economic losses of L1.8bn (US$73.3m). The government rejected the protest as unjustified insisting that it is taking measures, highlighting a L10 per gallon subsidy at the pumps announced in February for the rest of the year, and a further subsidy which took effect on 15 March to cover 50% of price increases to diesel. The demands by the transport workers, which say they have called off further strike action as a goodwill gesture following the announcement of the committee, come as year-on-year inflation reached 6.37% in February, well beyond the central bank (BCH)’s target range of 4.0% +/- 1 and up from 5.32% at the end of 2021.

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