The Ministry of Mines and Energy and the Ministry of Finance and Public Credit published Resolution 40193 of June 21, 2021, whereby certain regulatory functions of the liquid fuels sector were delegated to the Energy and Gas Regulatory Commission - CREG (the "Resolution"). 

The Ministries considered that, given the functions of the CREG, this entity is competent to regulate the tariffs and margins associated to the payment of the transportation, logistics, commercialization and distribution of liquid fuels and biofuels. 

Thus, CREG will have as functions, among others: 

• To set forth the methodologies for the delimitation of the tariffs and margins associated with the remuneration of the entire chain of petroleum-derived liquid fuels and biofuels intended for the blending of such fuels (collectively, the "Fuels"), except for the income to the producer or importer of ordinary motor gasoline, DIESEL and biofuels;
• To define the applicable price regime applicable to Fuels. 
• To periodically calculate the reference values applicable to Fuels; and
• To calculate and publish the estimated reference price for the sale of Fuels. 

In order to comply with the functions delegated to CREG, the Resolution also establishes some guiding criteria and the methodology for the determination of tariffs and associated margins. 

To see the Resolution, please click on the following link: https://www.minenergia.gov.co/documents/10180//23517//48971-40193.pdf