Ecuador to Phase Out ‘Unfair’ Gasoline Subsidy in Late June
- Noboa administration makes second courageous fiscal reform
- Move comes amid war on gangs as electoral campaign looms
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Ecuador’s government on Tuesday unveiled a plan to slash subsidies for low-octane gasoline as it continues to adjust public finances amid a war on drug gangs President Daniel Noboa declared in January.
In a first step, prices at the pump are scheduled to jump by about 25 cents from the current $2.47 per gallon and then rise by a maximum of 5% per month with the introduction of a new price band to gradually match international prices.