Gas prices frozen in Colombia

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Gas prices frozen in Colombia
Posted: 08:32 AM ET
BOGOTA, Colombia (CNN) — Colombia will freeze prices for gasoline and
other petrofuels through March, the government has announced.

The freeze takes effect Thursday and sets prices at December levels, the
minister of mines and energy said Monday. The measure will be funded through a
$170 million Fund for the Stabilization of Prices for Combustibles, which goes
into effect Jan. 1, a release on the Colombian president’s website says.

“All this is being done to give consumers a clear signal of stability,”
Minister of Mines and Energy Hernan Martinez Torres is quoted as saying in El
Pais newspaper.

Gas prices also will not decrease although there has been a significant
drop in crude oil prices in the past few months, Martinez said.

The price freeze pertains to gasoline, biogasoline (oxygenated gasoline),
a product called ACPM (combustible oil for motors) and the mix of ACPM and
biodiesel.