Tuesday, 14 June 2022 02:36

Fuel prices remain unchanged, even though oil barrel is costing US$120 per barrel

Written by Evelyn Alas

The Minister of Finance, Alejandro Zelaya said in a press conference that fuel prices will be maintained, due to the implementation of measures that continue to help cushion these increases with the elimination of the COTRANS tax and the Fondo de Estabilización Económica (FEFE).

Even though today the cost of oil will rise to US$120 per barrel, the official added that possibly in the month of august they will evaluate if they will continue to expand the stabilization fund and implement more tools.

The Central Government will continue to absorb the fuel increases to protect the citizens, which range from US$1.30 to US$2.05.

He said that this means that the Central Government must continue to strengthen the measures implemented in the face of inflation, strengthen the fight against evasion and strengthen revenues in order to be able to face the crisis.

The measures will remain in force until august 31, its extension will depend on the evolution of the crisis.

He emphasized that as of this year we will begin to experience quite abrupt increases in the price of fuel, but our Tax Revenues are strong enough to assume this fiscal sacrifice of around US$200 million.