LatinNews Daily - 12 September 2022

In brief: Colombia’s Petro announces plans to raise fuel prices

* Colombia’s President Gustavo Petro has announced that fuel subsidies will be reduced. Writing on Twitter, Petro said that the fuel price stabilisation fund (FEPC) has an annual deficit of Col$40trn (US$9.18bn), which he blamed on the failure of his predecessor, Iván Duque (2018-2022), to raise fuel prices. Petro stated that the restructuring of subsidies will be discussed by congress, but emphasised the need to better index Colombian fuel prices to international market rates.

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