Central America: Fuel Prices up to January 28th

Price per gallon of regular gasoline: Costa Rica $3.64, Nicaragua $3.31, Honduras $3.17, El Salvador $2.78, Guatemala $2.73 and Panama $2.56.

The upward trend of the reference prices for the present fortnight, follows the agreement to reduce production by 1.2 million barrels per day by the member countries and non-members of the Organization of Petroleum Exporting Countries (OPEC) that began on January 1, 2019, has reverted the downward behavior of the prices of all oil derivatives such as gasoline and diesel, a clear example of the firm compliance of such reduction is Saudi Arabia, the largest producer of the organization, which has assumed most of the reduction to 468,000 barrels per day, also at the end of December 2018 the organization had already reduced an approximate 750,000 barrels per day between crude oil and derivatives, which has impacted on international prices for 2019.

On the other hand, the oil platforms on the coasts of the United States have reported a reduction in production, since at the beginning of January, 873 platforms were active, but for the third week were reduced to 851, a difference of 22 platforms, which significantly affects the upward trends in prices, in addition to the strong speculations of a worldwide decrease in fuel demand for 2019.

*Prices taken from Acodeco.gob.pa