Fuels, Market and Forecasts

Following the increase in fuel prices in Guatemala of more than 20% between January and March, local authorities forecast that this behavior will continue during the following weeks.

Thursday, March 18, 2021

Due to the economic crisis generated by the Covid-19 outbreak, fuel consumption plummeted in the Guatemalan market during 2020 and fuel prices fell to historic lows.

Learn more about our "Sales forecast model for gas stations"

The beginning of 2021 is totally different from what was experienced last year, as stations operating in the metropolitan area of the country have registered considerable increases during the first quarter of the year.

Figures from the Ministry of Energy and Mines (MEM) show that between the beginning of January and March 15, the average price of premium gasoline increased by 23%, regular gasoline by 25% and diesel by 23%.

You may be interested in "Petroleum oils: Regional purchases recover"

Alberto Pimentel, Minister of Energy and Mines, told Prensalibre.com "... that an increase could be seen for a few more weeks and it is expected that there will be price stability in May, as consumption decreases due to the end of winter in other parts of the world, however we are also waiting for OPEP decisions regarding production, among others."

Fausto Velasquez, sales manager of Uno Guatemala, explained that "... in the country, being importers, we observe the reflection of international markets and if we analyze the same period, from the end of 2020 to date, fuels such as gasoline and diesel have shown an average increase of between $0.60 and $0.70 per gallon. It also coincides with the issue of OPEP cutting its production by around 7 million barrels per day, and elements such as the actions of the United States to stimulate its economy are also beginning to manifest themselves."

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More on this topic

Low Fuel Consumption

August 2019

Because of the political and economic crisis affecting the country, diesel consumption in Nicaragua is reported to have fallen 5.3% between January and May compared to the same period in 2018.

Statistics of hydrocarbon sales of the Ministry of Energy and Mines (MEM) during the first five months of 2019 the consumption of super gasoline reported a 2.5% decrease compared to the same period last year, and in the case of regular gasoline registered a slight increase of 0.3% for the periods concerned.

Central America: Fuel Prices up to April 22

April 2019

Price per gallon of regular gasoline: Nicaragua $3.81, Costa Rica $3.76, Honduras $3.62, El Salvador $3.44, Guatemala $3.22 and Panama $3.07.

From the Ministry of Economy of El Salvador statement:

The increase in the price of oil derivatives is because of a reduction in oil and derivatives worldwide by OPEC and non OPEC countries led by Russia, which have surpassed their own limit of 1.2 million barrels per day to 1.4 million barrels per day in March.

Central America: Fuel Prices up to January 2nd

January 2019

Price per gallon of regular gasoline: Costa Rica $3.94, Nicaragua $3.35, Honduras $3.27, El Salvador $2.78, Guatemala $2.78 and Panama $2.64.

From the report of the Ministry of Economy of El Salvador:

The latest report from 2018, provided by the International Energy Agency (AIE) reports that gasoline reserves experienced a significant increase of slightly more than 3.0 million barrels per week against expert forecasts that predicted a minimum increase of just 50,000 barrels per week. Also, distillates such as diesel, kept their production rate and was almost invariable its trend with respect to the previous week, as it only increased 2,000 barrels in the week, against an expectation of a 500 thousand barrels reduction, which despite the favorable environment for the reduction of such a derivative of oil along with heating, its stability allows prices to be downward, along with those of gasoline.

Central America: Fuel Prices up to September 10

September 2018

Price of a gallon of regular gasoline: Costa Rica $4.3, Nicaragua $4, Honduras $3.8, El Salvador $3.51, Guatemala $3.47 and Panama, $3.25.

From a report by the Ministry of Economy of El Salvador:

The meteorological report for the Gulf of Mexico, offered at the beginning of the week of September 3, caused increases in the prices of petroleum products, including distillates such as diesel, due to the imminent passage of tropical storm "Gordon". This climatic event threatened to become a hurricane, which put on alert all oil rig areas, approximately 54 platforms (Alabama, Mississippi and Louisiana) which were evacuated before the arrival of the storm, in addition floods of up to 1.5 meters were expected to occur due to the rising tide, in some refining areas.  

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