Colombia has found itself in the midst of a fuel crisis, as gasoline prices reach record highs and surpass other countries as the most expensive in the world. As the government struggles to address the issue, citizens are feeling the strain of the rising costs and comparing their situation to that of countries with higher minimum wages.
In October, the average gallon of regular gasoline in Colombia reached a staggering 14,373 pesos – a steep increase that has been steadily rising for the past year. This is largely due to the government’s decision not to adjust prices and offset the deficit of the Fuel Price Stabilization Fund (Fepc), which is currently at $20 billion and expected to rise even higher in the coming years.
The most recent increase, set at 400 pesos, has been met with widespread dissatisfaction among citizens who are struggling to keep up with the skyrocketing prices. This trend shows no signs of slowing down, with the Minister of Finance warning of two or three more increases before the end of the year.
Comparisons to other countries highlight the severity of the situation in Colombia. In the United States, a gallon of regular gasoline costs approximately $5,845, while the minimum wage is $1,256. In comparison, Colombia’s minimum wage without transportation allowance is only $266, making gasoline prices 227% more expensive.
Frustration among citizens has led to calls for the government to take action and find a solution to the rising fuel prices. Some have even drawn comparisons to countries like Iran and Venezuela, where gasoline prices are low thanks to government subsidies.
As Colombia’s economy continues to suffer under the weight of high fuel prices, citizens are feeling the impact in their wallets. The rising costs are not only affecting their ability to fill up their tanks, but also their daily lives. With no immediate solution in sight, it remains to be seen how the government will address this pressing issue and alleviate the burden on its citizens.
With information from Infobae