Ecuador’s president announces three-cent fuel price cut

Ecuadorian drivers will pay three cents less per gallon for the country’s most widely used gasoline grades and for diesel from Sept. 12, President Daniel Noboa announced.

The price of Extra and Ecopaís gasoline, both low-octane fuels, will drop from $3.24 to $3.21 per gallon. Premium diesel will fall from $3.18 to $3.15. Noboa said the cut would be the third in a row and would bring the total reduction since June to 10 cents.

“While oil and fuels are rising around the world amid an increasingly complex international situation, gasoline and diesel are falling again in Ecuador,” Noboa wrote on X. He said that, during a difficult moment for the world, the government’s job was to protect Ecuadorians’ household budgets.

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While oil and fuels are rising around the world amid an increasingly complex international situation, gasoline and diesel are falling again in Ecuador.

Fuel subsidies have ended in Ecuador. On July 9, however, the government introduced a new price-stabilization mechanism designed to reduce the exceptional and temporary impact of sharp swings in international markets. The system retained price bands and added a response for periods of high volatility, such as the current disruption linked in the article to the conflict between the United States and Iran.

The Strait of Hormuz, between Iran and Oman, remains a major route for global oil and gas shipments and a central pressure point in the Middle East conflict. Restrictions and a partial closure have affected world prices for oil and refined products, the article said.

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In a difficult moment for the world, our job is to protect Ecuadorians’ household budgets.