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Ecuador's Government to Remove VAT on Pet Food
President Daniel Noboa announced on social media that starting February 1, 2025, pet food will be exempt from VAT.
On Wednesday, January 22, 2025, President and re-election candidate Daniel Noboa shared that Ecuador will eliminate the Value Added Tax (VAT) on pet food.
According to Noboa, this initiative aims to make it easier for more families to care for their pets in the best possible way.
The change will take effect on February 1, 2025.
Pet food sales have been on the rise in Ecuador in recent years. In the first quarter of 2023, sales grew by 25% compared to the same period in 2022, according to market research firm Kantar Worldpanel.
By March 2023, 66% of households had pets, up from 57% just three years earlier, according to Kantar, which tracks real consumption data from 1,706 households in the country.
Source: Primicias.
Influenza Vaccination Available Until February 28, 2025
The annual influenza vaccination remains available until February 28, 2025, at public health centers nationwide.
Vaccinations Against Measles, Rubella and Polio Are Available Now
Ecuador’s vaccination campaign against measles, rubella, and polio is underway and will run until the end of May 2025. The vaccines are provided free of charge at health centers nationwide.
About the Campaign
The Ministry of Health launched the vaccination drive on January 20, 2025, aiming to eradicate these viral diseases and reduce the number of unvaccinated individuals. To support this initiative, the government has secured 290,000 doses for measles and rubella and 513,143 doses for polio.
Who Can Get Vaccinated?
For Polio:
Children between 1 and 2 years old.
For Measles and Rubella:
Children aged 7 and older.
Teenagers aged 13 to 18 years old.
High-Risk Groups:
Healthcare workers in childcare and strategic sectors.
Caregivers for people with disabilities.
How To Get the Vaccinations
To receive the vaccine, visit any public health center in Ecuador. No payment is required.
National Government Provides New Fleet of 20 Buses to Strengthen Police Prevention Efforts
To enhance the operational capacity of the National Police, the National Government, through the Ministry of the Interior, delivered a fleet of 20 buses on January 15, 2024. These vehicles are already registered and ready for operation and will be strategically deployed across the country. The investment totaled USD 3 million.
President Daniel Noboa, during the official handover ceremony at the General Enríquez Gallo Police Academy, stated:
"The fight against terrorism is a daily and relentless task that requires brave men and women committed to restoring peace and security."
The president emphasized the government’s duty to support the National Police in their mission, highlighting the challenges posed by a powerful adversary that gained strength due to past political complicity.
Strengthening Police Operations
Víctor Hugo Zárate, General Commander of the Ecuadorian National Police, stressed the importance of investing in resources and tools for security. He expressed gratitude to the National Government for its tangible commitment to enhancing the efficiency and well-being of the police force.
“This is a concrete step toward security and a testament to the dedication of those who serve our country.”
Deputy Minister of Citizen Security, Lyonel Calderón, reiterated the administration’s prioritization of public safety, describing it as an urgent necessity that requires resources, training, innovation, and the collaboration of all sectors. The new fleet of buses is seen as a key investment in the preventive efforts of the police. These vehicles will provide better coverage in remote areas, facilitate the mobilization of officers during emergencies, and reduce response times.
The Most In-Demand Used Car Brands in Ecuador
The classifieds portal Patiotuerca.com, revealed that over 4.5 million used vehicles were browsed on the platform last year. The top brands were Chevrolet (American), Toyota (Japanese), and Kia and Hyundai (Korean), accounting for more than 40% of searches.
Most Popular Models in 2024
The models that topped searches on Patiotuerca.com included:
SUVs: Kia Sportage, Toyota Fortuner, and Hyundai Tucson.
Pickup Trucks: Chevrolet D-Max, Toyota Hilux, and Ford F-150.
SUVs Lead the Market
The study also highlighted that SUVs were the most in-demand vehicle type in 2024, followed by pickup trucks, sedans, and hatchbacks.
The preferences for specific models and vehicle types show a growing interest in versatility and performance among Ecuadorian buyers.
Source: Primicias.
Counterfeit Medicine Circulating (Micardis Plus)
The manufacturer has issued a warning about the counterfeit and illegal sale of a batch of tablets, which pose a health risk.
On January 20, 2025, the Regulatory Agency for Health Control (Arcsa) issued an alert regarding the counterfeit batch of Micardis Plus 80/12.50mg tablets, lot number 104077. The product was falsified and unlawfully sold in Ecuador.
Boehringer Ingelheim, the company behind the product, notified Arcsa about the counterfeit version of their medication. Upon investigation, it was discovered that the batch, originally intended for the Turkish market, had been smuggled into Ecuador in fake packaging.
Health Risks
"Since this is a counterfeit product, we cannot guarantee its authenticity or its contents," warned Arcsa. "We have no traceability of its distribution or information on its supply chain. Therefore, we cannot ensure its quality, safety, or effectiveness."
As a result, this counterfeit medicine poses a significant health risk to the public.
Arcsa's Recommendations
- Do not sell, distribute, or use the Micardis® Plus 80/12.50mg tablets, lot 104077.
- Only purchase products with a valid Health Registration and from authorized establishments.
- If you encounter or have information about the illegal sale of this batch, report it to Arcsa via email at control.posterior@controlsanitario.gob.ec or through the Arcsa Mobile app.
- Report any adverse events related to the use of this medication to farmaco.vigilancia@controlsanitario.gob.ec.
Cuenca Photography Contest and Exhibition
The municipality of Cuenca and UNESCO are organizing a photography contest and exhibition. Below you can read the English translation of the announcement on the UNESCO website:
CUENCA: 25 Years as a UNESCO World Heritage Site
Photography Contest and Exhibition
The Municipality of Cuenca and the UNESCO Office in Ecuador invite submissions for the “CUENCA: 25 Years as a World Heritage Site” Photography Contest and Exhibition.
Date: December 9, 2024
This initiative celebrates the 25th anniversary of Cuenca's inclusion on the World Heritage List, a recognition granted on December 1, 1999.
Key Dates
- Photo Submission Deadline: January 31, 2025
- Winners Announcement: February 15, 2025
- Photography Exhibition: March 1–31, 2025
- Exhibition Locations: High-traffic plazas and parks in Cuenca
Contest Guidelines
1. Theme
The contest’s theme, “CUENCA: 25 Years as a World Heritage Site,” invites amateur and professional photographers to capture the essence of Cuenca’s historic center and the Cajas Massif. Submissions should depict how residents interact with, celebrate, and take pride in their heritage, highlighting what makes these places unique.
2. Participants
Open to all individuals, regardless of nationality or age, who agree to the contest rules and accept the jury’s decisions. Categories include:
- Children: Up to 12 years old
- Teens: Up to 18 years old
- Youth: Up to 35 years old
- Adults: 36 years and older
3. Requirements
- Read and accept the contest rules outlined in this document.
- Submit photos via email to quito@unesco.org.
- Post the photo on social media, including a description of what makes Cuenca’s historic center or the Cajas special, using the hashtag #Cuenca25AñosPatrimonio and tagging @UNESCOQuito and @MunicipioDeCuenca.
- Any photographic technique is allowed; however:
- Altered images via collage, photomontage, or digital illustration are not permitted.
- AI-generated photos are not accepted.
- Basic photo retouching is allowed without altering the original content.
- Each participant may submit up to three original photographs with the following criteria:
a. Photos must be original and creative.
b. Submit each photo by email to quito@unesco.org.
c. Include the following with each submission:
- Photo description, full name, age, ID number, address, phone number, and email.
d. Photos must be in high quality, with a minimum resolution of 300 dpi, in JPEG, Photoshop EPS, or TIFF formats (RGB).
e. No watermark, date, or text (including photographer’s name) is allowed on the photo.
4. Deadline
- Photos must be submitted via email to quito@unesco.org by January 31, 2025. Submissions after this date will not be accepted.
Selection Process
- A jury designated by the organizers will select winners based on artistic quality, originality, and relevance to the theme.
- One winner and two finalists will be chosen for each category.
- Winning photos will be featured on UNESCO Ecuador and Cuenca Municipality’s social media platforms.
- Winners will be announced on February 15, 2025.
Disqualification Reasons:
1. Photos depicting violence, political content, or any form of discrimination (racist, sexist, xenophobic, etc.).
2. Plagiarism.
3. Submissions deemed of insufficient quality by the jury.
Prizes
- Winning photos will be printed in large format for outdoor exhibitions in prominent locations in Cuenca, with credit given to the authors.
- Featured in a commemorative book celebrating Cuenca’s 25th anniversary as a UNESCO World Heritage Site.
- Displayed publicly online, in social media, and at the exhibition, with the author credited.
- One overall winner will receive a special prize from the event sponsors.
- First, second, and third prizes will be awarded in each category, with special mentions if deemed appropriate.
Intellectual Property
Participants declare authorship of submitted works and grant UNESCO Quito unrestricted rights to reproduce, transform, publicly display, and distribute the photographs globally for cultural and artistic purposes. The author’s name will always be credited. Participants are responsible for ensuring their works do not infringe third-party rights.
The organizers commit to crediting the author each time their work is reproduced, adhering to copyright laws.
How to Ship Your Household Goods to Ecuador
In this article, you'll learn everything you need to know about shipping your household goods to Ecuador.
Should You Ship Your Household Goods to Ecuador?
Deciding whether to ship your household goods to Ecuador is a personal choice. There are both economic and emotional factors to consider. If you're thinking about shipping your belongings, we recommend reaching out to a shipping agent to get an estimate of the costs, so you can make an informed decision. In the past, many expats found it worthwhile to ship their goods because most items were expensive in Ecuador. However, over the last few years, prices have dropped, and more items are available locally, making shipping less of an obvious choice.
Shipping Duty-Free
You can ship your household goods duty-free once you've obtained a resident visa. Ecuadorian citizens who are returning to Ecuador (remigrating) can also ship their household goods duty-free.
Restrictions
There are some restrictions on what you can ship to Ecuador, including:
No motorized vehicles (cars, motorcycles, scooters, etc.), although there are exceptions for Ecuadorian citizens.
No guns, ammunition, or explosives.
No filament lightbulbs, and a limit of 10 bottles of liquor per person.
Some restrictions also apply to the quantity of certain items. If you ship too many of the same items, customs might view it as a business activity rather than personal shipping.
Shipping Container Options
Shipping companies typically offer three container sizes:
20-foot containers: Usually cost between $7,500 and $10,000, depending on your location.
40-foot containers: Priced similarly to the 20-foot containers, even though they’re twice as long.
40-foot high-top containers: Only about $1,000 more than the 20-foot container, with an extra foot of height.
If you don’t have enough items to fill a whole container, pallets are the most economical option.
The Process
Contract a shipping agent: Your shipping agent will handle the logistics of getting your household goods to Ecuador.
Packing and documentation: Ecuador's customs requires a detailed list of everything in your container, so make sure to list every item carefully.
Loading: Your goods will be loaded into the container either at your home or a storage facility.
Customs clearance in Ecuador: Your container will arrive at the ports of Guayaquil or Posorja. Your shipping agent will coordinate with you to be present during customs clearance at the port.
Delivery: A truck will transport your container to your address. Ensure your agent arranges for a few people to help unload the container, so the truck driver can return it to the port.
Ecuador's Economy: Recession in 2024 and Low Growth Projections for 2025
The Central Bank of Ecuador's (BCE) latest report, released on January 15, 2025, paints a concerning picture of the Ecuadorian economy, which has experienced a decline for three consecutive quarters throughout 2024. While the full data for the final quarter is still pending, economist Alberto Acosta Burneo confirms that the country has likely slipped into recession.
The main factor contributing to this downturn is a sharp decline in private investment, which has heavily impacted the country’s Gross Domestic Product (GDP). Public investment has been consistently low for years, but in 2024, private investment fell most significantly.
Challenges Faced in 2024
Ecuador entered 2024 with a major liquidity crisis, prompting the government to implement tax reforms, including raising the Value Added Tax (VAT) from 12% to 15% and introducing new corporate taxes. Despite early reports in July 2024 suggesting that the recession had ended, the economy continued to struggle.
Additionally, the country experienced its worst electricity crisis in 14 years, leading to power outages lasting up to 14 hours in homes and up to 24 hours in industries. Combined with ongoing insecurity, drug-related violence, and the political uncertainty ahead of the 2025 presidential elections, Ecuador’s economic situation remained bleak.
Ecuador closed 2024 with the second-worst violent death rate in its history, further adding to the country’s struggles.
Economic Projections for 2025
Looking ahead, there is a glimmer of hope for Ecuador’s economy. Despite the challenges, international organizations like the BCE and the IMF predict that 2025 will be a better year for Ecuador.
The most optimistic forecast comes from the World Bank, which projects a 2% growth for Ecuador’s economy in 2025. Meanwhile, the IMF forecasts a 1.6% increase in GDP, factoring in the lasting effects of the electricity crisis. The Latin American Reserve Fund (FLAR) shares this projection, and the ECB expects a growth of 1.5%.
The least optimistic projection comes from the Economic Commission for Latin America (ECLAC), which foresees a modest 1.4% growth in 2025.
Factors That Could Drive Improvement
Economist Gonzalo Cucalón suggests that while the recovery will likely be slow, there are factors that could contribute to a gradual improvement. For instance, private banks have accumulated high liquidity in 2024, which should translate into more loans, investments, and consumption in 2025. Additionally, expected lower credit interest rates in the United States may stimulate both local and foreign investment in Ecuador.
The country’s electricity deficit, which reached critical levels during the worst drought in 60 years, is also expected to ease, though Ecuador remains reliant on energy imports from Colombia. The government's delayed efforts to secure new thermoelectric plants may offer some long-term solutions, though progress has been slower than anticipated.
The political landscape will also play a crucial role in shaping the recovery. As Ecuadorians await the new president and legislature in April 2025, the political climate will influence the level of dynamism in the economy. A more stable political environment post-election could encourage private investment, aiding the recovery in the latter half of the year.
Regional Comparison
Despite the expected recovery, Ecuador will likely remain one of the slowest-growing economies in South America in 2025. According to the IMF, Ecuador is projected to have the lowest growth in the region, with Bolivia expected to see a slight improvement. On the other hand, Argentina is predicted to experience the highest growth, with a 5% increase in GDP.
In conclusion, while Ecuador’s economy is expected to improve in 2025, its growth will likely be among the lowest in the region, with a slow but steady recovery dependent on factors like credit dynamics, electricity generation, and political stability.
Source: Primicias.
The Meaning Behind Ecuador's Flag
Ecuador's flag is a tricolor design that carries deep historical and cultural significance. It consists of three horizontal bands: yellow, blue, and red, arranged in proportions of 2:1:1. The yellow stripe occupies the upper half of the flag, while the blue and red stripes share the lower half equally. Each color embodies a distinct aspect of Ecuador's identity and history:
Yellow symbolizes the abundance and fertility of the nation's land, highlighting Ecuador's rich agricultural heritage and natural wealth. It also represents the country's biodiversity and resources, reflecting its position as one of the most ecologically diverse nations in the world.
Blue represents the vast expanse of the Pacific Ocean, which borders Ecuador, as well as the skies that stretch across its diverse landscapes. This color emphasizes the country's connection to nature and its geographical location.
Red honors the sacrifices made by Ecuadorian soldiers and martyrs during the battles for independence from Spanish rule. It serves as a reminder of the bloodshed and struggles endured to achieve freedom and sovereignty.
The national flag often features Ecuador's coat of arms centered on the yellow and blue bands when used for official purposes. The coat of arms includes iconic elements such as the Andean condor, Mount Chimborazo (a symbol of the nation's geographical pride), and a depiction of a steamboat on the Guayas River, which represents progress and commerce.
Ecuador's flag was officially adopted on September 26, 1860, and its design is closely related to the flags of Colombia and Venezuela, reflecting their shared history as part of Gran Colombia in the early 19th century.
Recommendations for Your Scouting Trip to Ecuador
Explore Housing Availability, Quality, and Costs Start by exploring different neighborhoods on foot. Visit coffee shops, look for rental signs, and ask locals or expats about available places. You can also check local online resources like Cuenca OLX and our platform for pricing and options.
Speak with a Banker About Handling Your Money Visit a local bank to understand how to manage your finances. Some banks allow you to open accounts without a cédula (ID), while others may require it. Consider savings accounts, as they’re commonly used for everyday transactions in Ecuador.
Consult with an Immigration Expert Meet with an immigration expert to discuss visa options, required documents, and any potential changes to immigration laws. This will help you know exactly what to expect when you move.
Visit Local Supermarkets Get a feel for food prices, quality, and availability by checking out local supermarkets like Supermaxi , as well as fresh markets. This will help you plan your grocery shopping once you move.
Determine What You Can’t Get in Ecuador Consider what items might be hard to find in Ecuador and plan accordingly. You can have certain products shipped, but be prepared for high costs. Many expats bring a suitcase full of essentials when they visit.
Speak with Expats About Their Experiences Talk to local expats about their challenges and experiences with climate, culture, costs, healthcare, and transportation. Understanding their journeys can offer valuable insights.
Learn About Healthcare Quality & Costs Visit local hospitals and pharmacies to get a sense of healthcare options.
Walk Around and Explore Different Neighborhoods Take the time to explore various neighborhoods in your places of preference. Walk around during different times of the day to get a sense of the area’s vibe, amenities, and overall feel.
Get to Know the Locals Engage with locals to gain a true understanding of daily life. Whether you’re shopping, riding the bus, or visiting public parks, making connections with Ecuadorians will provide you with an authentic perspective.
Go Shopping at Malls and Local Stores Visit malls and local stores to explore the quality and range of clothing, footwear, and electronics. Check if your size is available and compare prices for other household items.
Rent a Furnished Apartment with a Kitchen Consider renting a furnished apartment during your stay to experience the local lifestyle. Cooking your own meals gives you a realistic idea of living costs and local food availability.
Construct a Realistic Budget Create a budget based on your lifestyle, factoring in costs for housing, utilities, transportation, food, healthcare, and entertainment. This will give you a better understanding of what living in Ecuador will cost.
Test the Public Transportation Familiarize yourself with public transportation options. Use local buses or taxis to understand how easy it is to navigate the city, especially if you plan to rely on public transport after moving.
Explore Cultural and Social Activities Immerse yourself in local culture by attending events, visiting art exhibitions, or participating in community activities. Many places have a lively cultural scene, and this will help you feel more connected.
Visit Schools (if you have children) If you’re relocating with children, visit potential schools to assess educational options. Look into both public and private schools, and ask about curriculums, extracurriculars, and how expats integrate.
Understand the Safety and Security Situation Walk through neighborhoods at different times of the day and night to assess safety. Speak with locals and expats about safety concerns, and check the latest security updates through expat groups.
Learn About the Local Weather Ecuador's weather can vary greatly depending on where you are. Spend some time experiencing the climate to see if it aligns with your preferences. Make sure to consider the rainy season as well.
Meet with a Real Estate Agent Even if you’re not buying immediately, meeting a local real estate agent can help you understand the property market, rental options, and price ranges in different areas.
Understand Communication Infrastructure Test internet speed and mobile services to ensure that the local infrastructure meets your needs. Reliable internet access can be crucial, especially if you plan to work remotely.
Try Local Cuisine Taste local dishes at restaurants or street vendors to get a true sense of Ecuadorian flavors. Ecuador offers a variety of traditional foods that will help you understand local eating habits.
Join an Expat Meetup or Social Group Connect with other expats by attending meetups or social gatherings. This will provide you with useful information, firsthand accounts, and potential friendships to ease your transition.
Check Out Weekend Getaways Explore nearby areas to get a sense of potential weekend trips. Whether it’s the Andes, Amazon, or coastlines, Ecuador offers diverse landscapes perfect for short excursions.
Card Cloning in Ecuador: How Criminals Operate and Tips to Stay Safe While Shopping
Credit and debit card cloning has become a growing threat in Ecuador, with criminals refining their tactics to target unsuspecting consumers in commercial establishments. By understanding their methods and adopting preventive measures, you can better protect yourself from fraud.
What Is Card Cloning?
Card cloning involves the illegal copying of information from the magnetic stripe or chip of a credit or debit card to make fraudulent transactions. This crime often happens in stores, using increasingly sophisticated techniques.
Common Methods Used by Criminals
Skimmers: Small devices attached to payment terminals or ATMs to capture your card’s data.
Hidden Cameras: Tiny cameras positioned to record your PIN while you enter it.
Fake Terminals: Look-alike payment devices that are rigged to steal your card information.
Digital Attacks: Malware and software designed to intercept payment data during electronic transactions.
Red Flags to Watch For
Tampered Payment Devices: Check for unusual pieces or modifications on card readers.
PIN Security: Always shield the keypad when entering your PIN.
Suspicious Payment Areas: Be cautious if asked to process payments in hidden or insecure areas.
Tips to Protect Yourself
Monitor Transactions Regularly: Review your bank statements frequently to catch any unauthorized charges.
Use Secure Cards: Opt for cards with advanced security features like chips or contactless technology.
Enable Alerts: Set up real-time notifications to detect suspicious activity immediately.
Keep Your Card in Sight: Never let your card leave your line of sight during a transaction.
Protect Sensitive Info: Never share your PIN, card number, or CVV—even with someone claiming to be a bank or store employee.
Why Awareness Is Key
Card cloning is a significant threat in the retail world, but staying informed and vigilant can make all the difference. By spotting suspicious behavior, paying attention to payment devices, and embracing security technology, you can reduce your risk of falling victim to this crime.
The best defense against fraud is prevention. Stay aware, stay cautious, and stay protected.
Quito Airport Introduces Biometric E-Gates for International Departures
Starting January 16, 2025, the Mariscal Sucre International Airport in Quito has rolled out biometric E-gates for passengers departing on international flights. These gates have been in use for international arrivals since December 2023.
The E-gates streamline immigration processes for Ecuadorian citizens traveling internationally, significantly reducing wait times and cutting down long lines at traditional immigration counters.
Who Can Use the Biometric Gates?
The E-gates are available for Ecuadorian citizens who meet the following criteria:
Are of legal age.
Possess an electronic or biometric passport or a valid Ecuadorian ID (cédula).
How to Use the E-Gates
Start the process: Tap the touchscreen and press "Start."
Scan your boarding pass: Use the QR code on your pass.
Choose your ID: Select whether to use your cédula or passport, then scan the MRZ code (found in the bottom-right section of these documents).
Facial verification: The system will take a photo of your face to validate your identity.
If everything checks out with no issues or alerts, the gates will open, allowing you to continue your journey. Otherwise, the screen will direct you to a nearby immigration counter for assistance from a migration officer.
Destinations and Document Requirements
With ID (cédula): Direct flights to Argentina, Brazil, Paraguay, Uruguay, Bolivia, Chile, Colombia, and Peru.
With Passport Only: Flights to Venezuela, Suriname, and Guyana.
Important: If your trip involves a layover in countries like Panama, a passport is mandatory, even if your final destination is one of the countries where a cédula is accepted.
Biometric Gates for International Arrivals
For travelers arriving in Ecuador, the biometric gates can be used regardless of the origin of their flight.
Quick and Convenient
According to Quiport, the airport’s operator, the entire biometric gate process takes between 30 seconds and one minute per traveler.
The introduction of these gates marks a significant step forward in improving efficiency and convenience for passengers at Quito's Mariscal Sucre International Airport.
Source: Primicias.
Monetary Board Orders Immediate Interbank Transfers
On December 31, 2024, the Monetary and Regulatory Policy Board issued Resolution No. JPRM-2024-029-M, which mandates that interbank transfers and other digital payments be processed immediately.
The goal of this resolution is to promote the use of digital payment methods by eliminating delays of up to 72 business hours that some interbank transfers could take. It also applies to payments for services and credit card bills made through digital channels.
On January 15, 2025, Guillermo Avellán, General Manager of the Central Bank of Ecuador (BCE), met with representatives from the financial sector to discuss the resolution and encourage faster transactions.
This initiative aims to increase the use of digital payments, modernize the financial system, and reduce cash usage. The resolution also requires both public and private banks to implement payment methods such as keys, QR codes, or payment credentials to improve security during digital transactions.
In addition, the BCE is required to launch a Payment Integration System (SIP) platform within 18 months to comply with the regulation.
Source: El Telégrafo.
Gasoline Extra without State Subsidy in January 2025
As of January 2025, the state stopped subsidizing Gasoline Extra, whose price now reflects international costs. Diesel is still subsidized in Ecuador.
Causes
Price Band System: Introduced in June 2024, this system allows fuel prices to fluctuate within set limits based on changes in international oil prices.
Prices can increase by up to 5% or decrease by up to 10%.
This flexibility aligns local fuel costs with global market trends, gradually reducing the need for subsidies.
Decline in Oil Prices: The global price of oil dropped from $84.44 per barrel in July 2024 to $74.59 per barrel in January 2025.
Lower oil prices reduced the gap between the cost of importing gasoline and its retail price in Ecuador.
Savings
In 2024, fuel subsidies cost $208 million, saving $231 million compared to 2023.
Source: El Mercurio.