Rising gasoline prices in Chile: why they go up and how they could be mitigated
Rising gasoline prices in Chile reached 23.3% in a year. How much oil, the dollar and MEPCO weigh, and how the rise could be mitigated, per official data.
· 6 min read
Rising gasoline prices in Chile are already showing up in inflation. According to INE, gasoline rose 23.3% over the last twelve months and diesel 51.8%. Gasoline alone accounts for 0.7 of the 4.5 points of annual inflation in October 2026. Today, a liter of 93-octane gasoline costs an average of CLP 1,626 at the country's gas stations, according to the prices reported to the National Energy Commission (CNE).
+23.3%
Gasoline over 12 months
October 2026 CPI
CLP 1,626
Average price of 93-octane
per liter, self-service
+54%
Cost of importing 93-octane
in dollars, versus November 2025
Source: INE, CPI October 2026, CNE, Bencina en Línea (prices of November 12 and 13) and ENAP
View the data as a table
| Gasoline over 12 months | +23.3% | October 2026 CPI |
| Average price of 93-octane | CLP 1,626 | per liter, self-service |
| Cost of importing 93-octane | +54% | in dollars, versus November 2025 |
How the price of gasoline is set
Chile imports most of its fuel, so its price follows the international market. ENAP explains in its weekly report that the starting point is the import parity price: what it would cost to bring the fuel from the US Gulf Coast, plus shipping to Chile. ENAP clarifies that it does not set final prices: distributors set them freely.
On top of that cost come taxes (the fuel excise tax and VAT) and distribution and retail margins. The excise tax has a fixed part and a part that moves with MEPCO, the mechanism that smooths weekly increases and decreases.
Why it goes up: the international cost
The cost of importing 93-octane gasoline almost doubled in 2026. According to ENAP's parity table, it went from US$ 538.69 per cubic meter on January 8 to a peak of US$ 1,106.94 on October 1, with the sharpest jump in March:
Source: ENAP, parity price table, biweekly data
View the data as a table
| Jan 8 | 538.69 |
| Jan 22 | 549.24 |
| Feb 5 | 580.55 |
| Feb 19 | 607.84 |
| Mar 5 | 626.51 |
| Mar 19 | 839.47 |
| Apr 2 | 962.19 |
| Apr 16 | 982.92 |
| Apr 30 | 955.22 |
| May 14 | 1,054.39 |
| May 28 | 988.36 |
| Jun 11 | 855.22 |
| Jun 25 | 814.89 |
| Jul 9 | 771.21 |
| Jul 23 | 853.79 |
| Aug 6 | 933.21 |
| Aug 20 | 868.95 |
| Sep 3 | 927.61 |
| Sep 17 | 1,022.7 |
| Oct 1 | 1,106.94 |
| Oct 15 | 1,070.71 |
| Oct 29 | 994.56 |
| Nov 12 | 919.61 |
How much oil and the dollar weigh
In pesos, the cost of importing a liter of 93-octane gasoline rose from about CLP 560 in November 2025 to about CLP 900 in November 2026: +CLP 340 per liter. Separating the two causes with each month's average dollar from the SII:
In other words, about 88% of the rise comes from the international price of fuel and 12% from a more expensive dollar.
The role of MEPCO: a shock absorber, not a shield
MEPCO works with a price band. When the international cost exceeds the band's ceiling, the State lowers the excise tax so the increase arrives gradually. When the cost falls, the tax rises and recovers what was not collected. MEPCO therefore smooths changes, but it cannot stop a sustained increase from reaching the pump.
In 2026, the Ministry of Finance adjusted the mechanism's parameters. The decrees published in the Official Gazette show how much the excise tax changed in three weeks:
| Fuel | Excise tax from March 19 | Excise tax from April 9 |
|---|---|---|
| 93-octane gasoline | 2.1557 UTM/m³ (about CLP 151 per liter) | 4.8334 UTM/m³ (about CLP 338 per liter) |
| Diesel | −5.2108 UTM/m³ (a reduction of about CLP 364 per liter) | −0.4119 UTM/m³ (a reduction of about CLP 29 per liter) |
Pesos per liter calculated with the April 2026 UTM (CLP 69,889, SII). The tax's base component is 6 UTM/m³ for gasoline and 1.5 UTM/m³ for diesel.
That change coincides with April's jump in the CPI: gasoline rose 25.3% in a single month and diesel 45.7%, according to INE.
- Gasoline
- Diesel
Source: INE, CPI base 2023, series by product
View the data as a table
| Gasoline | Diesel | |
|---|---|---|
| Oct 2025 | 98.96 | 94.69 |
| Nov 2025 | 97.26 | 93.45 |
| Dec 2025 | 96.65 | 93.62 |
| Jan 2026 | 93.46 | 90.66 |
| Feb 2026 | 92.5 | 88.73 |
| Mar 2026 | 100.06 | 100.07 |
| Apr 2026 | 125.34 | 145.8 |
| May 2026 | 126.26 | 144.59 |
| Jun 2026 | 123.1 | 133.01 |
| Jul 2026 | 112.59 | 115.04 |
| Aug 2026 | 113.62 | 116.16 |
| Sep 2026 | 116.73 | 128.04 |
| Oct 2026 | 121.99 | 143.75 |
What it costs a family
A family that spent CLP 100,000 a month on gasoline a year ago now needs about CLP 123,300 to buy the same amount, based on the CPI change. The effect also spreads in other ways: INE's Transport Cost Index rose 3.3% in October, driven by fuel, and that cost ends up in the price of many products. See how the budget is split in our article on household spending in Chile.
The price also depends on where you fill up:
How rising gasoline prices in Chile could be mitigated
No tool is free. These are the main ones, with what they gain and what they cost:
| Tool | How it works | What it gains | What it costs |
|---|---|---|---|
| MEPCO | Lowers the tax when the international price rises | More gradual increases | Less tax revenue while the reduction lasts; it does not prevent sustained increases |
| Cutting the excise tax | Lowers the fixed part of the tax (6 UTM/m³ for gasoline) | Immediate relief at the pump | Each UTM/m³ equals about CLP 72 per liter of revenue at the November UTM (CLP 72,440) |
| Efficiency of new cars | Law 21,305 requires new cars to average 18.8 km per gasoline-equivalent liter between 2024 and 2026 | Fewer liters per kilometer | Slow effect: it depends on the fleet being renewed |
| Electromobility and public transport | Replaces imported fuel with electricity, which in Chile is already two-thirds renewable | Less dependence on oil | Requires investment in buses, cars and charging points |
| Price transparency | The CNE publishes each gas station's price on Bencina en Línea | More competition between stations | Works only if people compare |
Electromobility is the longest-term way out: sales of electric and plug-in hybrid cars grew 144.6% this year, and ANAC attributes it partly to higher fuel prices. We explain it in our article on electromobility in Chile.
What each person can do
- Compare before filling up. In 44 municipalities with at least 10 gas stations, the median gap between the most expensive and the cheapest was CLP 19.5 per liter, and it reached CLP 94 in Maipú and CLP 71 in Valparaíso. On a 40-liter tank, CLP 94 is about CLP 3,760 per fill-up.
- Combine with public transport on trips where possible.
- Check fuel efficiency when changing cars. Hybrids and electric cars use less energy per kilometer.
What it means for you
- Rising gasoline prices in Chile will keep following oil. About 88% of the rise in import costs comes from the international market. MEPCO only changes how fast it reaches the pump.
- Comparing prices does help. Within the same municipality, filling up at the cheapest station can save thousands of pesos a month.
- For companies and authorities, dependence is the risk. Fewer liters per kilometer, more public transport and more electromobility reduce exposure to oil swings, which no price mechanism can eliminate.
Sources
- INE, Consumer Price Index, October 2026 (statistical tables, base 2023)
- INE, "Transport Cost Index rose 3.3% month on month in October 2026"
- ENAP, parity price table and weekly price report
- Official Gazette, MEPCO decrees of March 17 and April 7, 2026 (published by the CNE)
- CNE, Bencina en Línea, prices by station as of November 13, 2026
- SII, observed dollar 2025 and 2026 and UTM 2026
- Ministry of Energy, energy efficiency standard for light vehicles (Law 21,305)
- rising gasoline prices in Chile
- gasoline price
- MEPCO
- fuel excise tax
- oil
- inflation