Thousands in Colombia protest 50 per cent fuel cost hike

The protests in Bogota on Monday. Pic/AP

Thousands of protesters on cars and motorbikes took to the streets of Colombia's main cities on Monday to reject recent hikes in gasoline prices that have drastically increased the price of fuel in the South American country. Protesters say that the monthly price hikes set by Colombia's first leftist government are making it harder for small businesses to operate, and could push up the price of food.

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 funds for social programs. Colombia's economy is expected to grow by just 1 per cent in 2023.

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