The spike, attributed to the government’s decision to cut gasoline subsidies, has seen the cost increase from 2.50 dollars a gallon in August last year to the current price of 3.40 Dollars.
The government, led by president Gustavo Petro, claims that the subsidies, costing around 11 billion Dollars annually, need to be phased out to settle national oil company Ecopetrol’s debts and allocate funds towards social programs. The government negotiated a settlement with the national taxi driver unions, freezing gasoline prices for an estimated 200 thousand taxis.
Despite this concession, opposition members and some protesters argue that these measures are insufficient, given the wider impact on delivery workers, drivers, and small businesses.
They are calling for a re-evaluation of the gasoline policy, suggesting decreased sales taxes on fuel as a possible solution.
