Gasoline and diesel prices increase as a result of war in the Middle East; Few Ecuadorians have retirement savings; FBI opens an Ecuador bureau in Quito

Ecuadorian motorists will see a hefty price increase the next time go to the gas station for a fill-up. On Wednesday night the government set the monthly price for Extra and Ecopaís at $2.89 a gallon, a 13-cent hike from the February price. Almost 90% of owners of cars and light trucks use Extra and Ecopaís.

The prices for Super gasoline and diesel also increased.

Gasoline and diesel prices increase as a result of the war in the Middle East.

In a short statement, the National Chamber of Distributors of Petroleum Derivatives, which sets the price of gasoline and diesel every 30 days, said the price increase is the result of “the war in the Middle East and its disruption of international oil markets.”

The price for Super increased to $3.41 a gallon from $3.19, while diesel increased to $2.89 from $2.70.

Fuel prices are determined by the Chamber of Distributors based on the West Texas Intermediate (WTI) benchmark price with a 5% cap on monthly increases and a 10% cap on decreases.

Few Ecuadorians have retirement savings
Less than two out of ten Ecuadorians have saved for retirement, the World and Latin American Development Banks report. In a study, the banks say most workers approaching retirement age say they will depend on pensions, parttime work or seek support from their families.

According to study findings, many new retirees have “unrealistic ideas about their retirement needs” while others say they simply cannot afford to save. “The economic situation for many elderly workers in Ecuador prevents them from setting aside an adequate amount of money for retirement,” the study says. “In interviews, they tell us they will seek parttime employment, work in the informal sector or get assistance from their children to cover expenses.”

The study also found that many of those nearing retirement were unaware of how much their monthly pensions would pay. It added that most pensions, including that of the Social Security system, are far less than working incomes.

FBI opens an Ecuador bureau
Interior Minister John Reimberg announced Wednesday that the U.S. Federal Bureau of Investigation (FBI) will have an office in Ecuador. “Our cooperation with the U.S. is entering a new phase and the presence of the FBI will increase the effectiveness our law enforcement operations,” he said.

He said that FBI agents are already working in the country, with an office in the U.S. Embassy in Quito.

In addition to providing assistance in Ecuador’s war on international drug traffickers, Reimberg said FBI agents will work on “top priority” cases involving money laundering, government corruption and transnational crime.