Rise in fuel prices by the new VAT reform

Fuel distributors warn of a possible increase in the price of the extra, super and diesel gas between $ 0, 015 and 0.03 per gallon, if the tax reform that envisages the VAT hike from 12 to 14% is approved.

This is part of the package of taxes and contributions contained in the Solidarity and Citizens Co-responsability Bill proposed to counteract the effects of the earthquake. The document has already passed the first debate in the plenary of the Assembly.

Yesterday morning, six representatives of the gas sector across the country held a meeting at the National Chamber of Oil Distributors (Camddepe) in Quito to analyze the effects of the VAT increase in fuel prices.

Camddepe president Francisco Silva, said that the guild made the respective calculations and that the VAT hike will increase the retail price of extra gas from USD 1.48 to 1.5035 per gallon, while for diesel the price increase will go from USD 1.037 to 1.0538.

Source: http://www.elcomercio.com/actualidad/gasolineros-alza-combustibles-iva.html ALZA