Chile Rejects Oil Firm Cash for Fuel Relief

CHILE · FUEL

Chile’s finance minister says the state will not tap the profits of the state oil company ENAP to cushion fuel prices, as trucker blockades keep up the pressure over diesel prices. Jorge Quiroz spoke in a television interview on the morning show Mucho Gusto of Mega, a Chilean channel, on Wednesday 11 November 2026, ADN Radio, a Santiago news station, reported.

ADN reports that he put the state subsidy at more than 170 pesos (about US$0.17) on every litre of diesel. He said the government “can make an additional effort” to slow price rises, and, as ADN reports it, tied that to an end of road blockades.

Chile’s finance chief says ENAP’s profits are already spent, and any extra fuel relief depends on truckers lifting their blockades.

Why It Matters

Diesel moves almost everything in Chile, from mine supplies to supermarket stock, so a long trucker protest can raise costs well beyond the pump. The minister’s answer shows how little room the budget leaves while the government weighs its budget.

ENAP reported a profit of US$1.1 billion for January to September, as our earlier report showed. Some lawmakers wanted that money redirected.

ADN reports that Quiroz rejected the idea and said the money is already spent.

What Quiroz Offered Truckers

The minister said the government “can make an additional effort to pause price rises even more”. ADN reports that he warned this would weigh on the budget debate and compete with other spending, and that he urged the protesting trade groups to end their actions so talks can move forward.

Quiroz said the government is willing to talk, but not while roads are blocked. ADN adds that he blamed the higher fuel prices on international factors.

Recession and Codelco

In the same interview Quiroz said Chile is in a technical recession, meaning two quarters without growth, but that it will be brief. He said mining is falling about 15% and that the non-mining part of Chile’s monthly activity index, known as Imacec, shows where the economy is heading.

He also said the government has never discussed privatising Codelco, the state copper miner, though private capital could come into it over the longer term. Our coverage of the state oil firm continues in the deputies’ request for an inquiry.

What It Means for You

Anyone shipping goods through Chile should expect disruption risk while blockades last, and should not count on a fuel-price freeze yet. No relief measure was announced in the interview.

Investors in Chilean companies can read the answer as a signal that fiscal room is tight. ENAP’s earnings stay with the state, not with a relief fund.

What Is Not Known

Quiroz did not say how large an extra effort would be, what it would cost or when it could start. It is also unclear which trade groups would need to lift their blockades for it to apply.

Frequently Asked Questions

Will Chile use ENAP profits to lower fuel prices?

According to ADN Radio, no. Finance Minister Jorge Quiroz rejected using ENAP’s profits for fuel relief in an interview on 11 November 2026.

Could diesel prices be held down further?

Quiroz said the government can make an additional effort to pause rises. ADN reports it depends on blockades ending, and no amount or date was given.

Sources: Finance Minister Jorge Quiroz, interview on Mega television, 11 November 2026, as reported by ADN Radio, 11 November 2026. Exchange rate: market-data provider RT, 983 pesos per US$, 11 November 2026.

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