The decline of oil prices in world markets will have an effect on the retail price for gasoline at pumps across Colombia this month, when a gallon of gasoline is expected to drop below 9.000 COP.

The ministerio de Minas y Energía (Ministry of Mines and Energy) confirmed that a gallon of regular gasoline in the sixth month of the year will be 88.47.92 pesos in Bogota, after being 9002.92 pesos during May, a drop o .72%.

The price drop was confirmed by Colombian president, Juan Manuel Santos, through his Twitter account.

The president also noted that diesel fuel and super gasoline prices would drop as wel.

Bewtween January and May, gasoline prices logged a cumulative increae of 219.5 pesos (2.54%).

Colombia consumes some 65.000 barrels of gasoline daily.