Panama: Temporary Closing of Gas Stations Authorized

The National Energy Secretariat authorized the service stations that sell gasoline in the country to temporarily close their operations in the context of the health and economic crisis.

Monday, April 27, 2020

Resolution N. 4730 of April 23, 2020, allows those service stations that due to low sales volume, and whose location does not affect agricultural, logistical, commercial and strategic activities for Panamanians, may opt for the temporary closure of their services due to the emergency, authorities informed last April 24.

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The document specifies that the aim of this action is to provide an option for temporary closure, allowing them to resume their activities after the emergency, not having to start the registration process with the National Energy Secretariat again.

The document adds that "... this service is governed by Cabinet Decree 36 of 2003, which only contemplates the figure of closure, which would make it difficult for them to reopen it by stipulating that they must submit a new application to the National Energy Secretariat and comply with all the requirements and documents, peace and quiet, and others that the regulation currently requires."

See full publication in the Official Journal (in Spanish).

Forecasts from CentralAmericaData state that in Central America the impact of the covid-19 crisis on the business of retail sales of gasoline and oil derivatives is projected to be mainly explained by the expected drop in gasoline and diesel sales.

Covid-19: How are the outlook changing for Panamanian companies?

We prepared for our clients the report "Information System: Covid-19 and business forecasts" which helps companies to measure the impact that the crisis will have on their activity in the coming months.

Click here to request access to this report.

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Fuels, Market and Forecasts

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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.

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.

Lubricants, Oils and Gasoline: Business Outlook

March 2020

In Central America, it is projected that the impact of the Covid-19 crisis on the business of retail sales of gasoline and oil products will be explained mainly by the expected drop in gasoline and diesel sales.

The "Information System for the Impact Analysis of covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector or economic activity, during the coming months.

Central America: Fuel Prices as of March 24

March 2020

Price per gallon of regular gasoline: Costa Rica $3.87, Nicaragua $3.28, Honduras $3.27, Guatemala $2.93, El Salvador $2.54 and Panama, $2.81

From the Ministry of Economy report of El Salvador:

The current reference prices present significant declines for gasoline and diesel, these declines respond directly to the events of the break of the pact between OPEC, led by Saudi Arabia, and the countries that had made an alliance with the organization, represented by Russia.

Businesses in Panama Requested to Be Closed

March 2020

Due to the spread of covid-19, from March 21, 2020 and for a period of 30 days, the government has ordered the temporary closure of shops and businesses in the country, with the exception of pharmacies, supermarkets, banks, gas stations and others.

The Ministry of Health considers it necessary to apply additional health measures to reduce, mitigate and control the spread of the disease COVID-19, in view of the pandemic declared by the WHO, explains the decree published in the Official Journal.

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