Ecuador Political News

Ecuador introduces market-based fuel pricing- Argus Media

Published

May 21, 2020

Ecuador introduced a market-based price band for gasoline and diesel, effectively taking advantage of the oil price slump to usher in unpopular price reforms that the government was forced to repeal last year.

The new pricing system establishes a 5pc band around the future price of WTI crude, with monthly reviews conducted jointly by the oil and finance ministries.

The mechanism is similar to the approach taken by neighboring countries such as Chile where price spikes are mitigated by a reference price band.

Under Ecuador’s new system, retail fuel prices immediately fell as a result of the sharp decline in international oil prices. Extra gasoline dropped to $1.75/USG from a previous $1.85/USG. Diesel dropped to $1/USG from a previous $1.03/USG.

To read the full article on Argus Media, click here.

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The Amazon Post ·
@AmazonPost

Members of indigenous communities in the Amazon in Ecuador would like to know: What happened to the more than $20M reportedly raised on their behalf by now-disbarred NY lawyer Steven Donziger? #FollowtheMoney
https://t.co/z9Zcht7zgh

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The Amazon Post ·
@AmazonPost

#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon. https://t.co/7TqQ6sJhik

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The Amazon Post ·
@AmazonPost

The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the… https://t.co/soQ1qreULA

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The Amazon Post ·
@AmazonPost

Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer: https://t.co/5eac0lRmN7

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The Amazon Post ·
@AmazonPost

Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
https://t.co/7TqQ6sJhik

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