In the first eight months of the year oil imports rose to $ 987.8 million, 49.4% higher than the $ 661 million from the same period in 2009.
Traders and analysts attributed the increase to basically two factors, a higher price and an increase in domestic demand.
Daniel Choto of Elsalvador.com writes, "The greatest concern is that international crude price remained at around $ 75 during the period, well above-average closing price of late 2009, in which it went down substantially from the highs reached on July 11, 2008, when it reached $147 a barrel.”
In the first two months of the year, imports totaled $197.1 million, 80.7% more than in the same period of 2010.
The increase in the price of fuel will affect companies' transport costs and these in turn will impact product prices in a kind of domino effect.
Crude oil imports rose 4% in volume terms but in economic terms this equates to $200 million, 80% more than the amount purchased in the same period last year, since the price of a barrel has gone up to $90, according to a report from the Nicaraguan central bank (BCN).