🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UPDATE 1-Colombia cuts fuel prices as truckers plan strike

Published 04/21/2009, 10:31 AM
Updated 04/21/2009, 10:56 AM

(Adds comment from truck drivers' union)

BOGOTA, April 21 (Reuters) - Colombia will lower fuel prices, President Alvaro Uribe said on Tuesday as the country's truck drivers pressed ahead with threats of a strike over what they call the high cost of gasoline and diesel.

"Given that international oil prices remain below expected trends, the government is revising domestic fuel prices," Uribe said in a televised address.

Gasoline and diesel prices will go down in Colombia by about 17 cents per gallon starting next month. But the country's main truckers' union called that an "insignificant" reduction and vowed to go ahead with a strike set to start at midnight on Tuesday.

Gasoline in Colombia costs $3.11 per gallon on average and diesel costs about $2.60 per gallon.

A prolonged lull in trucking could slow coffee and other commodity exports and increase inflation by squeezing food supplies in this Andean country, even as the economy gets dragged down by the global financial crisis.

The drivers' union also says the Uribe administration has not delivered on promises of increasing freight fees paid to truckers. (Reporting by Hugh Bronstein; editing by Jim Marshall)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.