BOGOTA , Colombia ( CNN ) -- Colombia will freeze prices for gasoline and other petrofuels through March , the government has announced . Hernan Martinez Torres , in a photo from September , says gas prices will be frozen in Colombia through March . The freeze takes effect Thursday and sets prices at December levels , the minister of mines and energy said Monday . The measure will be funded through a $ 170 million Fund for the Stabilization of Prices for Combustibles , which goes into effect January 1 , a release on the Colombian president 's Web site says . `` All this is being done to give consumers a clear signal of stability , '' Minister of Mines and Energy Hernan Martinez Torres is quoted as saying in El Pais newspaper . Gas prices also will not decrease , although there has been a significant drop in crude oil prices in the past few months , Martinez said . The price freeze pertains to gasoline , biogasoline ( oxygenated gasoline ) , a product called ACPM ( combustible oil for motors ) , and the mix of ACPM and biodiesel . For the time being , El Pais said , only propane will see a decrease in price , with the price going down 25 percent . It 's the second price drop for propane , which decreased 10 percent in November .
Price freeze on gas , other fuels takes effect Thursday , runs through March . Freeze is to give consumers `` a signal of stability , '' energy minister tells newspaper . Gas prices ca n't rise or fall under the freeze , Hernan Martinez Torres says . Price freeze does n't affect propane ; its price is set to drop 25 percent , paper reports .