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Chilean Government seeks to moderate increase in fuel prices

Chilean Government seeks to moderate increase in fuel prices

Santiago, Chile, Aug 5 (Prensa Latina) The Chilean Ministry of Finance reported that it has made adjustments in methods to set fuel prices, after 35 weeks of rising gasoline prices.
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The upward trend in fuel prices in the country led to some types of gasoline exceeding 1,000 Chilean pesos (about 1.30 US dollars) a liter, which generated protests from carriers and drivers.

The Treasury informed on Tuesday night that it will make adjustments to the Fuel Price Stabilization Mechanism (FPSM), insistently requested by some economists and business sectors, with which it seeks at least to moderate the sustained increase in prices.

The adjustment will allow, by decree, that as of Thursday, the prices of various types of gasoline will drop between 19 and 26 Chilean pesos per liter (between two and four cents of a dollar approximately).

The head of the Treasury, Rodrigo Cerda, said this reduction is equivalent to going back to the price of a month ago, and justified the high fuel prices in Chile with its high price in the international market and the exchange rate of the national currency to US dollars.

The measure did not fully satisfy taxi drivers and small and medium-size organizations, which considered the adjustment was below expectations.

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