LatinNews Daily - 27 October 2022

In brief: Peru’s gov’t spends US$1bn to avert fuel crisis

* Peru’s economy and finance ministry (MEF) has announced that it will provide state oil company Petroperú with PEN4bn (US$1bn) in emergency funding, so that Petroperú can purchase oil and avert a fuel shortage. “This exceptional provision of capital to Petroperú will allow us to avoid a shortage crisis in the country,” deputy economy minister Alex Contreras wrote on Twitter, adding that “these resources will ensure that, going forwards, there will not be problems in the supply of fuels.” An MEF statement noted that Petroperú controls 40% of Peru’s diesel market and 50% of its petrol market, “making it an important actor” for which any slowdown in its production cycle “has severe impacts on the economy”. The MEF did not specify why Petroperú is struggling to meet the country’s fuel needs.

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