The Finance Commission approves the mitigation project for the rise in fuel prices: It will be voted on in the Chamber this afternoon.

The Finance Committee of the Chamber of Deputies approved on Tuesday, both in general and in particular, the bill that establishes temporary measures to contain the price of domestic kerosene amid the current international energy emergency. The initiative was introduced on the same day after Finance Minister Jorge Quiroz announced that starting this Thursday, fuel prices would rise by nearly $370. This situation arises in a context of high global uncertainty, marked by the conflict in the Middle East and the Iranian blockade in the Strait of Hormuz.

Regarding the content of the bill, it establishes that the Finance Minister may increase the Oil Price Stabilization Fund by up to $60 million through decrees signed "by order of the President of the Republic. " This authority will be temporary and will extend until December 31, 2026. Additionally, the proposal includes an alternative mechanism for calculating the tax credit, aimed at strengthening the fund's operation.

At the same time, the formula for the variable fuel tax—especially for kerosene—will be modified to prevent a significant price increase, temporarily setting a value similar to the average recorded in February, prior to the onset of the conflict in the Middle East. Furthermore, the project considers the provision of a monthly bonus of $100,000 for taxi and collective taxi owners registered in the national registry until February 2026, which will be financed with resources from the public transport subsidy. During the committee proceedings, it was also approved to extend this benefit to collective taxi drivers and school transport.

Quiroz valued the favorable vote After the vote, Minister Quiroz appreciated the progress of the initiative, stating that "it was a project that was discussed, received various opinions, worked on in the morning, and worked on in the afternoon. " In that line, he added that "the government took some suggestions into account, and some indications were opened. School transport is now also included among the beneficiaries of the monthly bonus of 100,000 pesos per vehicle, and therefore, we are very satisfied.

Not only was the idea of legislating approved, but also, by a substantial majority, each of the articles of the project. " Additionally, the Secretary of State indicated that "now we go to the chamber, and we hope that in the chamber, the Chamber of Deputies will also receive it well. " The project is expected to be voted on during the same day in the Chamber in an extraordinary session, and then continue its processing in the Senate on Wednesday, where it will need to be reviewed by the Finance Committee—yet to be officially formed—and subsequently by the Chamber of the Upper House.