Colombian Finance Minister Bonilla revealed plans to increase diesel prices by COP 2,000 in three semi-annual increments starting this year, representing a 63.5% hike from current levels. This adjustment aims to align domestic prices with international costs and is projected to add 1.4 pp to inflation over 18 months while saving COP 2.0tn (0.15% of GDP) in fuel subsidies from the FEPC each time.