Freight Transport: Rate Increase Announced

Because the price of fuels in Nicaragua has increased consecutively during the last 18 weeks, companies dedicated to provide cargo services announce that rates could increase between 5% and 10%.

Tuesday, March 16, 2021

During 2020 the price of hydrocarbons was considerably reduced, but currently in the international market the price of a barrel of oil exceeds $60, which is similar to the amount reported prior to the covid-19 pandemic.

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Marvin Altamirano, president of the Association of Nicaraguan Transporters (ATN), told that "... the high price of fuels has led us to propose a 5% to 10% increase per transport service to the companies, because the current rates are not sustainable."

In order for cargo transports rates to be maintained, the head of the association believes that the Government must ensure the regulation of the prices of fuels sold at the country's stations.

Cesar Arevalo, specialist in hydrocarbons, explained that "... although the trend at international level was a price increase, which is therefore applied in Nicaragua, the truth is that these should rise less than the variation in the international markets, due to the fact that all these local fuel prices are overpriced when sold to the consumer."

Although the price of a barrel of oil has suffered upward pressures, it is predicted that in the next few weeks the price will stabilize, a situation that could be explained by the optimistic perspectives for the demand of oil.

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