Chile to See Significant Fuel Price Hike Amid Global Oil Price Fluctuations

Chile's Finance Minister, José Quiroz, announced that the country's fuel prices are set to rise significantly this week following the government's decision to relax a stabilization mechanism to reflect international oil price fluctuations. According to Jin10, starting March 26, the wholesale price of 93-octane gasoline will increase by approximately 44%, equating to a rise of 370 pesos (around $0.41) per liter, while the price of 97-octane gasoline will go up by 41%. Diesel, widely used in heavy transportation, will see a price hike of about 54%, or 580 pesos per liter. In response to these changes, Chile has implemented a series of targeted measures to mitigate the impact on certain sectors. These measures include providing monthly cash subsidies to taxi drivers, freezing bus fares in the capital, Santiago, and offering equivalent support for regional transportation. Additionally, the government will continue to reduce the price of kerosene used for heating in low-income households and provide low-interest loans to taxi drivers to facilitate their transition to electric vehicles.