Chileans rush to gas stations ahead of fuel price hike triggered by Middle East crisis

Chileans rushed to fill up their tanks on Tuesday (March 24) ahead of a sharp fuel price increase set to take effect on Thursday (March 26).

The government announced it was adjusting its fuel price stabilization mechanism to ease pressure on public finances amid a global oil shock triggered by the conflict in the Middle East.

According to Chile's Finance Ministry, the price of 93-octane gasoline will rise by 370 pesos (0.41 USD) per litre and diesel by 580 pesos (0.63 USD) — representing increases of around 30% and 60% respectively in the capital Santiago. There were long queues at fuel stations across the city as motorists sought to stock up before the hike came into force.

President Jose Antonio Kast, speaking in Puerto Montt, said his government was acting responsibly in the face of a global crisis no one had anticipated, and blamed the country's fiscal difficulties on the management of the previous administration of Gabriel Boric.

Production: Rodrigo Gutierrez, Jorge Vega, Carolina Fernandez, Hugo Monnet/Reuters