Chile’s Finance Minister Jorge Quiroz ruled out on Wednesday 11 November using the profits of state oil company ENAP (Empresa Nacional del Petróleo) to hold down fuel prices. “We are US$400 million backwards,” he told Mega, a Chilean television channel, because the state has already spent more on fuel relief than ENAP earned.
Key Facts
•Verdict. Quiroz says ENAP profits are already committed and cannot fund fuel relief.
•Arithmetic. He counts US$1.5 billion of fuel relief against ENAP profits of about US$1.1 billion.
•ENAP profit. US$1.112 billion for January to September 2026, up 119% on a year earlier.
•Pump prices. ENAP’s weekly estimate has petrol up 38.7 pesos a litre (about US$0.04) from Thursday 12 November.
•Next. Quiroz says a bill to slow further rises is possible, but would need new money.
What Happened
Asked in the interview whether ENAP’s profits could pay for relief, Quiroz replied that the money “is already used, it is provisioned” (“está ocupada ya, está previsionada”). He added that “we are US$400 million backwards”, in his words the whole situation.
The US$400 million is Quiroz’s own sum rather than a published fund balance. He said the state has spent US$1.5 billion in fiscal impact on a fuel subsidy and a lower fuel tax, and put ENAP’s profit at about US$1.1 billion, which leaves a gap of roughly US$400 million.
ENAP’s own release of Thursday 29 October reports profit of US$1.112 billion for January to September 2026, against US$506 million a year earlier (up 119%). Its EBITDA, a measure of operating earnings, was US$1.875 billion, up 83% from US$1.023 billion.
How Chile Holds Down Fuel Prices
In plain words, the state cushions pump prices in two ways: a subsidy, and a cut to the specific fuel tax that is normally charged on every litre. Peso amounts in this article convert at about 982 pesos per dollar, the 11 November rate.
ENAP says its profit came mainly from a favourable international refining cycle and higher sales of its own output, and that it has met the dividend schedule its shareholder, the state, asked for. Those dividends equal 70% of its 2025 profits, according to the company release of 29 October.
Why It Matters
Chile’s fuel prices follow world markets, so a spike in oil and refined products reaches truckers and shoppers quickly. Quiroz said any further measure would need new fiscal resources while Congress debates the 2027 budget.
For households, the verdict means no windfall from ENAP’s profit will cap prices on 12 November. Diesel is the fuel that moves freight, and ENAP’s estimate has it rising 41.9 pesos a litre (about US$0.04), more than petrol.
What to Watch Next
Quiroz said the government can make “an additional effort to pause the rises even further”, probably through a bill, but any extra measure needs new fiscal resources. ENAP publishes its fuel price estimate on Wednesdays.
Truckers are on strike over fuel costs, which keeps pressure on the government to act. Our Chile coverage follows the story.
What Is Not Known
Quiroz did not publish a breakdown of the US$1.5 billion, so how much is subsidy and how much is lost tax revenue is open. It is also unclear what new money, if any, a bill would use.
Frequently Asked Questions
Why won’t Chile use ENAP profits to cut fuel prices?
Finance Minister Jorge Quiroz says the profits are already committed, because the state has spent US$1.5 billion on fuel relief against ENAP’s profit of about US$1.1 billion. He summed it up as “US$400 million backwards”.
How much did ENAP earn in 2026?
ENAP reported profit of US$1.112 billion for January to September 2026, up 119% from US$506 million a year earlier. The company release is dated 29 October 2026.
Sources: ENAP press release, 29 October 2026; Finance Minister Jorge Quiroz, interview with Mega, 11 November 2026.
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