Weekly Report - 15 September 2022 (WR-22-37)

COLOMBIA | Fuel price increase. President Gustavo Petro announced on 11 September that the fuel subsidy will be reduced. Petro said that an increasingly large chunk of the national budget was being spent on subsidising fuel. Petro blamed the government of his predecessor Iván Duque (2018-2022) for failing to increase fuel prices, leading to an annual deficit of as much as Col$40trn (US$9.18bn). In an attempt to pre-empt public discontent, Petro said it was difficult to justify massive fuel subsidies when “infant mortality from malnutrition is doubling” and hunger and poverty proliferating.

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