The President of Ecuador, Lenín Moreno, signed a decree authorizing the private sector to freely import industrial gas, gasoline, natural gas, diesel, jet fuel, avgas or other derivatives; with the purpose that companies progressively assume the costs of importing derivatives.
The new rule will mean that the state oil company Petroecuador will no longer retain the monopoly on the sale and purchase of derivatives for the industrial sector.
The signed decree will allow the importation of current and new fuels by natural persons, national or foreign companies, legally established in the country, under the quality standard of the Ecuadorian Institute of Standardization (INEN).
“This makes it possible to guarantee the quality of the derivatives of the fuels that Ecuadorians use,” highlights an official government statement.
For its part, the rule does not affect LPG in domestic, agricultural and vehicle use, which will maintain the state subsidy.
In this sense, the Agency for the Regulation and Control of Energy and Non-Renewable Natural Resources will establish a rate scheme for importers to use the facilities of public companies in the hydrocarbon sector so that they can store, transport and dispatch imported derivatives.