El Salvador Prepares New Formula for Calculating Fuel Prices

The proposed new formula serving as reference for fuels could start in late January.

Wednesday, January 5, 2011

Carlos Aquilino Duarte, director of Hydrocarbons for the Ministry of Economy, stated that due to problems in the development of software for collecting and processing data, they had to postpone the start until the end of the month.

"According to the official, the most significant change in the new mathematical equation is the elimination of some additional costs such as fees when paying with credit card, which is part of the distributors cost. Another major change is that in the current formula the profit margins by both distributor and Oil Company are put together and divided later, but this mechanism has caused a series of problems between both parties. Now, profits are separated on the basis of a financial model establishing a rate of return, which is calculated based on the operating costs of both parties," reports the article in Elsalvador.com.

More on this topic

Fuel Prices up to September 29, 2014

September 2014

Price of a gallon of regular gas: $3.75 Panama, $3.94 Guatemala , $3.98 El Salvador, $4.53 Nicaragua, $4.55 Honduras, $5.22 Costa Rica.

From a statement issued by the Ministry of Economy of El Salvador (Minec):

The Ministry of Finance announced on September 29th, new changes in reference prices for fuel, which will be in effect from 30 September to 13 October 2014.

Gas Prices in Central America

May 2014

Price of a gallon of regular gas: $4.88 in Costa Rica, $4.83 in Nicaragua, $4.72 in Honduras, $4.28 in Guatemala and $4.18 in El Salvador.

From information published by the Ministry of Economy of El Salvador (MINEC):

MINEC announces new variations on the reference prices of petrol and diesel.

Gas Prices in Central America

February 2014

Prices of a gallon of regular gas: $4.73 Costa Rica, $4.53 Nicaragua, $ 4.51 Honduras, $4.06 Guatemala and $3.95 in El Salvador.

Information published by the Ministry of Economy of El Salvador (MINEC):

MINEC announced reductions in reference prices for gasoline and diesel.

Funes Rules Out Freeze on Fuel Prices

March 2011

The Salvadoran President ruled out the possibility of freezing fuel prices which have reached $ 5 a gallon.

When asked about the additional increase announced by the Ministry of Economy, Funes said: "We will not issue a decree to freeze prices. We do not want to intervene abusively in the market (...) the Economic team is working on a solution to the situation."

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