Fuel prices in Chile are set for another round of increases this Thursday, April 16, with projections suggesting gasoline prices will climb by nearly 85 pesos per liter. This follows a series of significant price hikes in March, which saw costs at the pump jump by nearly 50% nationwide.
According to reports from La Segunda, 93 and 97 octane gasoline will see an increase of at least 36.5 pesos per liter. Meanwhile, diesel prices are also expected to rise by at least 63 pesos mid-week.
The current scenario is being driven by international oil market volatility, with prices now exceeding $100 per barrel. Disruptions in the Strait of Hormuz have put upward pressure on global prices, directly impacting the local economy.
Impact on household budgets
Experts warn that Chile's reliance on imported oil amplifies the impact of the international crisis. The surge in hydrocarbon prices has already affected March's Consumer Price Index (CPI), which came in at 1%, exceeding market expectations.
“This Thursday, we will have to face one of the most significant price hikes in recent times: gasoline will rise by approximately 85 pesos per liter. We know this is a direct and painful blow to family budgets,” said Carlos Guayara, co-founder of Trii.
Guayara noted that the country is in a critical position due to external conflicts. “We are caught in a perfect storm that was brewed on the other side of the planet,” he added.
Meanwhile, Cristian Lecaros, CEO of Inversión Fácil, indicated that domestic containment measures have their limits. “Oil remains above $100 per barrel, and MEPCO is unable to absorb all of that pressure,” he warned.
Economic forecasts suggest this increase will not be an isolated incident. Lecaros projected that, due to the geopolitical situation, these hikes could continue through May.
