While the Government plans to make fuel prices more accessible for drivers, all taxpayers would end up covering the difference between the price paid and the actual cost of the fuel. The new project would have the country paying billions to Recope.
The plan, Bill 23,308, was created so that for nine months prices don’t go over ¢950 per liter. The cap would be set at ¢950 for super, ¢900 for regular, and ¢870 for diesel.
This initiative to cap fuel prices would increase public spending without any plan in place as far as where the money to finance this subsidy would come from. Spending cuts have not been outlined either. The whole weight would fall on the National Budget funded by taxpayers.
If the international fuel cost goes above the outlined prices, the Regulatory Authority for Public Services would have to inform the Ministry of Finance and Recope. Then the Treasury would transfer the due amount to Recope.
The PUSC presented a bill that would take funds from four institutions to create a new fund to contain fuel prices when they are high. This would prevent the price from going above ¢1,000 per liter.
The current price is ¢1,101 for super, ¢1,078 for regular, and ¢1,001 for diesel.
