Colombians turned out by the thousands in major cities on Monday to reject drastic gasoline price hikes set by leftist President Gustavo Petro's government.
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But the government of President Gustavo Petro says the gasoline subsidies cost about $11 billion a year. It says it must eliminate the subsidies to pay debts to the national oil company Ecopetrol, which produces most of the country’s fuel, and to free up more funds for social programs.The protest comes as discontent grows with Petro's administration a year after he took office promising to reduce poverty and make peace with the nation’s remaining rebel groups.
The price of gasoline in Colombia has risen from 9,000 pesos a gallon in August of last year to more than 14,000 currently as Colombia’s government cuts back on subsidies each month.Officials in Colombia’s Finance Ministry have said they want gasoline to reach a price of 16,000 pesos per gallon --about $4 -- by the end of the year, which would mirror current gas prices in the U.S.
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