Colombia and Truckers Reach Consensus on Diesel Prices, Ending Protests

Colombia's government reached an agreement with truckers to end protests over a proposed rise in diesel prices. The agreement lowered the initial planned price hike and spaced it out over two increments during the rest of the year. This move aims to balance domestic and international price levels while freeing up funds for social initiatives.

Colombia's government struck a deal with truckers on Friday to halt a protest against a proposed diesel price rise, averting potential food and fuel shortages in major cities.

The government initially planned to increase diesel prices by 1,904 pesos per gallon but agreed to a reduced increment of 800 pesos over two installments for the rest of the year.

Previously, prices had been stable at 9,065 pesos per gallon due to subsidies costing 12 trillion pesos annually. To align with international prices and free funds for social spending, adjustments were deemed necessary by the government.

(With inputs from agencies.)