Previous Story
Cost of subsidies would reach $ 50,975 million, according to the Ministry of Finance
Posted On 20 Dec 2018
Ecuadornews:
The cost to the State for fuel subsidies has been, for at least 12 years, $ 50,975 million, says the Ministry of Finance (MEF), based on data provided by Petroecuador, in relation to the implementation in these years.
Only in 2018, the cost of fuels is $ 1,707 million. Meanwhile, in 2013, the highest spending on subsidies of this type was recorded, reaching a figure of $ 7.24 billion. The variation of the cost year by year is given by the price of crude oil. The higher the price, the higher the subsidy for the purchase of derivatives.
Despite this, when reviewing the subsidy figures published by the Central Bank of Ecuador the figure is also millionaire, but varies.
According to the Central Bank of Ecuador between 2007 and 2018, $ 25,442.2 million have been paid. Of these, 7,924.7 million were dedicated to naphtha, which is the fuel that serves to generate super, extra and ecopaís gasoline.
Additionally, according to the Central Bank of Ecuador, the diesel subsidy from 2007 to date has cost about $ 12,379 million.
According to the Central Bank of Ecuador, in Ecuador so far in 2018 (January to October) 10.27 million barrels of extra gasoline have been produced and 10.23 million barrels of the same product have been consumed. As for the super, 4.0 million barrels have been produced and 3.7 million have been consumed. (I)
