Colombia
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Ministry Reveals Black Market Causes US$150mn in Losses

Bnamericas Published: Tuesday, November 07, 2000
Colombia's fuel black market has caused some 320 billion pesos (US$150mn) in losses for the state and local wholesale distribution companies during the first eight months of this year, Colombia's Mining & Energy Ministry revealed, Portafolio (Colombia) reported. Of the total amount, 160 billion pesos (US$75mn) correspond to federal state losses, 82 billion pesos (US$38.4mn) for municipal and department governments, 50 billion pesos (US$23.4mn) for state oil company Ecopetrol, and 22 billion pesos (US$10.3mn) for wholesale distributors. Year-end losses could amount to 600 billion pesos (US$281mn). Illegal activities include fuel theft, fuel tainting and smuggling from Venezuela. Some 3,500 barrels per day (bpd) of fuel are marketed each day in Colombia's black market and some 18,700 bpd are smuggled into Colombia from Venezuela. Smuggling could be some 23,000 bpd, or half of Bogota's total consumption, according to some reports.

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