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Ecuadorian President Guillermo Lasso announced Sunday that the country would cut fuel prices, sparking weeks of protests, but as much as protesters demanded.
“I have to reduce the price of gasoline by 10 cents per gallon and diesel also by 10 cents per gallon,” he said in a broadcast speech.
The tough Confederation of Indigenous Nationalities of Ecuador (Conaie), which since June 13 has blocked roads and occupied oil wells in other parts of the country, had demanded a relief worth of 30 cents and 35 cents more, respectively.
Earlier on Sunday, the country’s Energy Ministry warned that oil production had reached a “critical” point and could come to a complete halt within 48 hours if protests and roadblocks continue.
The protests, which also oppose the emerging burden of living, have crippled transport in Ecuador, with roadblocks in place in 19 of the oil-rich country’s 24 provinces.
“Oil production is at one level,” the ministry said in a statement.
“If this scenario continues, the country’s oil production will be suspended in less than 48 hours, as vandalism, the seizure of oil wells and the closure of roads have prevented the shipment of appliances and diesel necessary for operations. “
“Today, the figures show a drop of more than 50 percent” in production, which before the protests was around 520,000 barrels a day, he said.
Ecuador’s economy is heavily dependent on oil revenues, with 65% of production exported in the first 4 months of 2022.
Some 14,000 demonstrators hosted the national protests, the maximum of them in Quito.
Shortages are already reported in the capital, where they have skyrocketed.
Violence between police and protesters reportedly left five other people dead, while another 500 people were injured, according to the sources.
Earlier in the day, Production Minister Julio Jose Prado said the public and personal economic losses from the protests amounted to $500 million.
“Each additional day of downtime represents a loss of $40 million to $50 million,” he said Sunday.
Total losses since the protests began include 8. 5 million liters of milk worth $13 million, as well as agricultural and livestock products worth $90 million.
Tourism has noticed cancellations rising to 80 percent, with losses amounting to at least $50 million.
In addition, “in the floriculture sector, 12 days of closure resulted in $30 million in losses and for trucks and farms,” Prado said.
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