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The May 12 price adjustment is official — diesel crossed $3/gallon for the first time, stations in Quito and Guayaquil are running dry, and Ecuador is importing 65% of its fuel. The refinery FCC unit restarts May 15.
WTI crude oil tumbled more than 15% to $95/barrel on April 8 after Trump postponed his Iran infrastructure strike threat, then rebounded 7.3% to $101.28 on April 9. For Ecuador — both an oil exporter and a country where consumers pay market fuel prices — this volatility cuts both ways.
WTI crude surged past $100/barrel in early April, driven by the Middle East conflict and Strait of Hormuz disruption. For Ecuador, it's a double-edged sword: oil exports bring in more revenue, but the fuel band system passes the pain directly to consumers at the pump.
Ecuador's monthly fuel price adjustment on April 12 could push low-octane gasoline past the $3/gallon mark for the first time in history. Extra and Ecopaís currently sit at $2.89/gallon; with the 5% monthly cap, they could reach $3.03. Diesel may hit $2.96. The driver: global oil price spikes from the Strait of Hormuz disruption.
