Ecuador has positioned itself as one of the countries in South America with the cheapest gasoline in the world, surpassed only by Venezuela. According to the report from Global Petrol Prices, the price of a liter of gasoline in Quito is approximately US$0.76, a significantly lower price than the global average of US$1.41.
The war in the Middle East has led to an increase in crude oil prices, which exceed 100 dollars per barrel, affecting many international markets. However, thanks to effective state policies, Ecuador maintains a regulated pricing system that allows citizens to avoid the impact of this energy crisis. The price of a gallon of gasoline in the country is around US$2.89.
The Ecuadorian government implements a price band scheme to regulate monthly fluctuations in fuel prices, preventing sharp variations. This strategy aims to balance public finances and control inflation in a complicated economic environment. Despite global challenges, Ecuador continues to be a benchmark for access to affordable fuels, as mentioned in our recent coverage of the energy situation in the region.
