The elimination of the gasoline subsidy has two phases. Learn what it is and how long it will take for it to reach the international price.
Minister Juan Carlos Vega, on December 23, 2023.
The proposal to eliminate the Government’s Extra and Ecopaís gasoline subsidies, which is still being polished, will have two moments or phases.
This was explained today, June 13, 2026, by the Minister of Finance, Juan Carlos Vega, in an interview with radio Democracia.
A first phase will be an initial increase of USD 0.25 per gallon for Extra and Ecopaís gasoline , with which its price would go from a fixed value of USD 2.465 currently to just over USD 2.72 per gallon. With that, the international price would be reached, according to Vega.
And after that, a price stabilization system will be established , which will mean that the price can rise up to 5% per month or decrease by up to 10% depending on the variation in the international price of oil , Vega said.
In June 2024, the real price of Extra gasoline should be USD 3 per gallon, but the State subsidizes USD 0.44 at the terminal, so it is sold for USD 2,465 , according to data from Petroecuador.
Meanwhile, the real price of Ecopaís gasoline should be USD 3.23, but the State subsidizes USD 0.66 for each gallon in the terminal price, so it is sold to the consumer for USD 2.465.
