The Ministry of Finance said in a statement issued today, Tuesday, that given the development of markets, it is expected that fuel prices will fall this week “in the range of 12 cents per liter of diesel and four cents per liter of gasoline.” last weekend.
According to the mechanism that compensates through the Internet service provider the increase or decrease in VAT revenue resulting from the development of fuel prices, the decrease in diesel and gasoline prices should lead to an increase in the tax on petroleum products (ISP).
However, taking into account the current context, the government has chosen to postpone this adjustment until the moment when the ISP is curtailed by applying the formula, as happened last week, according to the ministry led by Fernando Medina.
Thus, during this week, the ISP’s temporary discount of 4.7 cents per liter of diesel and 3.7 cents per liter of gasoline will be maintained. These cuts include the ISP’s reduction of two cents per liter of gasoline and one cent per liter of diesel, which has been in effect since October.
The price of the product itself, in which the government does not interfere, ISP (fixed amount) and VAT, which are levied on the sum of these two amounts and whose value increases when the base rises.
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