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Lack of political will to mitigate fuel hike

Lack of political will to mitigate fuel hike

It took two weeks for the conflict between Ukraine and Russia to force the price of fuel in the Peruvian market to rise, in a context in which the rise for the winter already represented a headache for the household economy. in the northern hemisphere.

In this sense, according to Osinergmin, 90% gasohol can be found in some taps in metropolitan Lima from S/ 16.19 per gallon to S/ 21.50. While for gasohol of 95, the lowest price is located in Puente Piedra at S/ 16.70 and the highest, in San Juan de Lurigancho, with S/ 22.60.

These new markers differ considerably from the average prices of January (latest data available), when the 90-octane gallon stood at S/ 16.21, the 95-octane at S/ 17.06, the 97-octane at S/ 17 .84 and the 98 octane at S/ 18.96.

In the case of diesel B5 S50 UV – which is used for transportation and is subsidized in the Price Stabilization Fund (FEPC), for which it did not suffer any changes – it ranges between S/ 18 and S/ 20.26.

In this regard, Gustavo Navarro, former general director of Hydrocarbons of the Ministry of Energy and Mines (Minem), emphasizes that the market price is free, and varies according to the marketing criteria of each tap; however, he questions the legal and information vacuum for companies to manage prices as they please. “There is no rule that prevents a company from raising or lowering its price individually. There is also a gap in the information to the public, who should defend their rights and not buy from the one who raises the most (prices) ”, he commented for The Republic.

Minem must act now

The former general director of Hydrocarbons, Erick García, emphasizes that in order to mitigate the rise in prices, the Minem must put to work a series of projects for specific fuels that have been left in the pipeline.

For example, for LPG, García recalled that the DGH coordinated, at the end of December 2021, with the Ministry of Economy and Finance (MEF) DU 109/2021, which injects a budget of S/ 200 million to convert 100,000 natural gas LPG vehicles, which is up to 50% cheaper and is not subject to international fluctuations by having a contract with regulated prices.

This program considers the delivery of a bond of S/ 2,000 and up to three years of financing with the FISE without interest. “It was a scheme to help the transport sector and not import LPG. It worked very well with MEF. The Minem has to implement it. Only the decision (is missing), ”he noted.

Likewise, it indicates that for gasoline a scheme similar to the one already mentioned was devised, but here a bonus was not given, rather the FISE had a mechanism that financed 100% of the conversion to natural gas. This program is already applied in provinces such as Huancayo, Ica, Chiclayo and Piura, but “it would have to be extended with more resources and advertising.”

Finally, regarding diesel, García explained that there are already regulations that determine that companies store liquefied natural gas and market it, but these projects “are stuck due to lack of political will or, perhaps, ignorance.”

Route to stop the rise in oil

Navarro emphasizes that an immediate way to reduce the impact of the price of WTI oil –which closed a volatile week on the rise at US$109.33– would be to reduce the Selective Consumption Tax on fuels, for example, gasoline, whose price doubled since last year but for which the State charges a tax of up to 26% in total.

“If the price doubled, the State charges more. It’s illogical. To give great support to consumers, without harming tax collection, with a supreme decree the ISC rates must be lowered from S / 2 to S / 3. It makes no sense to charge more taxes, ”he stressed.

Infographic – The Republic

Source: Larepublica

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