El Salvador: Price referencing mechanism comes into force
Starting yesterday, and every Monday from now on, the Ministry of the Economy will publish the "official" price reference to regulate the fuel market.
Tuesday, September 9, 2008
The new mechanism announced yesterday by the Minister of the Economy, and the new director of petroleum and mining, Francisco Antonio Peña Rodriguez, includes a formula that considers at least four variables to determine the local price of a gallon of fuel sold at the pump.
The price of regular and super gasoline went up yesterday, while in the rest of the Central American countries they have had a significant decline.
The price of oil in the international market and the local reference system have caused a reduction in gas prices.
Fuel prices continue their upward trend in Nicaragua, reflecting the rising prices of petroleum in international markets.
A new high for fuels has gone into effect in Panama, where the social pressure cooker will be making steam as a result of the high costs of necessities.
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