Fuels: Price Control in Panama

A presidential decree gives the National Energy Secretariat the power to regulate maximum retail prices for 91 and 95 octane gasoline and low-sulfur diesel.

Friday, June 12, 2020

The regulation of maximum prices will be in effect for a six-month period, which may be extended, according to Executive Decree No. 474 of June 10, 2020 published in the Official Journal.

Check out the "System for monitoring markets and economic situation in Central American countries", prepared by CentralAmericaData.

Article 1 details that in the regulation will be done in the locations "... listed below:

1. Panama
2. Columbus
3. Arraijan
4. La Chorrera
5. Anton
6. Penonome
7. Aguadulce
8. Currency
9. Shredder
10. The Tables
11. Santiago
12. David
13. Border
14. Boquete
15. Volcano
16. Cerro Punta
17. Armuelles Port
18. Changuinola
"
 
The Consumer Protection and Competition Authority will execute and ensure faithful compliance, explains Article 2 of the Decree.

See "Executive Decree N°474 of June 10, 2020".

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More on this topic

Central America: Fuel Prices up to May 20

May 2019

Price per gallon of regular gasoline: Costa Rica $4.26, Nicaragua $3.89, Honduras $3.72, El Salvador $3.42, Guatemala $3.38 and Panama $3.29.

From the Ministry of Economy of El Salvador statement:

The current reference prices reflect a downward trend, because during the first weeks of May, reserves of gasoline and distillates show minimal reductions, this has allowed prices to be more stable compared to the previous month, since the first half of May gasoline reported a 790,000-barrel decrease, while in April for the first half reported a 10.6-million-barrel reduction. Regarding diesel distillates, during the first fortnight of May a 1.4-million-barrel decrease was reported, while for the first fortnight of April it was 2.5 million barrels, a less marked difference, which affects the price of low-sulfur diesel for the next fortnight.

The High Cost of Over-Regulation

January 2019

It is estimated that the lack of competition among wholesale suppliers and the over-regulation of fuel prices generate an estimated annual cost of about $830 million to the Costa Rican society.

According to a study carried out as part of Costa Rica's accession to the Organization for Economic Cooperation and Development (OECD), over-regulation hinders competition between service stations and does not allow consumers to take advantage of lower prices.

Central America: Fuel Prices up to November 19th

November 2018

Price per gallon of regular gas: Costa Rica $4.11, Nicaragua $3.83, Honduras $3.66, Guatemala $3.17, El Salvador $3.16 and Panama $2.98.

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

The latest production and export reports from the United States and Saudi Arabia have provided international price relief for oil and its products.

Central America: Fuel Prices up to February 12

February 2018

Price of gallon of regular gasoline: Costa Rica $3.98, Nicaragua $3.80, Honduras $3.71, Guatemala $3.32, El Salvador $3.32 and Panama $2.99.

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

The United States reported its second increase in its oil inventories on February 7 of this year, in which its production reached a record of 10.25 million barrels per day (bpd) in the last week, as reported by the U.S. Energy Information Administration (EIA); where an 11 week downward streak was reversed, affected by low temperatures and the holiday season.

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