{"id":77661,"date":"2023-08-28T19:55:21","date_gmt":"2023-08-28T23:55:21","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/colombians-turn-out-in-droves-to-protest-50-gasoline-price-hike-77661"},"modified":"2023-08-28T19:55:21","modified_gmt":"2023-08-28T23:55:21","slug":"colombians-turn-out-in-droves-to-protest-50-gasoline-price-hike","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/colombians-turn-out-in-droves-to-protest-50-gasoline-price-hike-77661","title":{"rendered":"Colombians turn out in droves to protest 50% gasoline price hike"},"content":{"rendered":"
\n

Thousands of protesters on cars and motorbikes took to the streets of Colombia\u2019s main cities on Monday to reject recent hikes in gasoline prices that have drastically increased the price of fuel in the South American<\/a> country.<\/p>\n

Protesters say that the monthly price hikes set by Colombia\u2019s first leftist government are making it harder for small businesses to operate, and could push up the price of food.<\/p>\n

But the government of President Gustavo Petro says the gasoline subsidies cost about $11 billion a year. It says it must eliminate the subsidies to pay debts to the national oil company Ecopetrol, which produces most of the country\u2019s fuel, and to free up more funds for social programs.<\/p>\n

COLOMBIAN PRESIDENT’S SON CHARGED WITH MONEY LAUNDERING<\/strong><\/a><\/p>\n

The protest comes as discontent grows with Petro’s administration a year after he took office promising to reduce poverty and make peace with the nation\u2019s remaining rebel groups.<\/p>\n

Petro\u2019s administration has struggled to stop violence in rural parts of the country, and to boost Colombia\u2019s economy, which is expected to grow by just 1% in 2023, according to the International Monetary Fund<\/a>.<\/p>\n

“This government is making decisions that are anti-business,” said Alejandra Mendoza, the manager of a small company that transports frozen food and other goods for supermarkets in Colombia. She attended Monday\u2019s protest wearing her company\u2019s yellow jacket.<\/p>\n

“Our costs have gone up by a third, and we have to adjust our budget each month because of the gasoline hikes” Mendoza said.<\/p>\n

The price of gasoline in Colombia has risen from 9,000 pesos a gallon in August of last year (US $2.50) to more than 14,000 currently ($3.40) as Colombia\u2019s government cuts back on subsidies each month.<\/p>\n

Officials in Colombia\u2019s Finance Ministry have said they want gasoline to reach a price of 16,000 pesos per gallon –about $4 — by the end of the year, which would mirror current gas prices in the U.S., where the federal minimum wage, however, is more than four times greater than Colombia\u2019s minimum wage of $280 a month.<\/p>\n

In July, the ministry said that subsidies for diesel, which is used by most cargo trucks in Colombia. will be removed after municipal elections in October, and that the price of diesel fuel will double by the end of next year.<\/p>\n

Petro has argued that the nation\u2019s gasoline subsidies mostly benefited wealthier Colombians who own vehicles. But he has shown signs that he is willing to negotiate gasoline prices with some groups.<\/p>\n

COLOMBIA SUSPENDS CEASEFIRE WITH MARXIST REBEL GROUP ACCUSED OF KILLING 4<\/strong><\/a><\/p>\n

Over the weekend, Petro\u2019s administration cut a deal with the nation\u2019s taxi driver unions, under which gasoline prices will be frozen for the country\u2019s estimated 200,000 yellow taxis.<\/p>\n

However members of Colombia\u2019s opposition say that the government needs to go further because gas hikes are also hurting delivery workers, drivers and small business owners who are struggling to recover from the pandemic<\/a>.<\/p>\n

Jennifer Pedraza, a congresswoman who helped to organize Monday\u2019s protest, pointed out that the government could moderate the hikes in fuel prices, by charging less sales taxes on gasoline and diesel.<\/p>\n

“The people are asking the administration to negotiate a different gasoline policy” she said, adding that its time for Colombia\u2019s national oil company to “take an interest, in making gasoline affordable for all.”<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/world\/colombians-turn-out-droves-protest-50-gasoline-price-hike <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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