In the first days of March of this year, the highest prices were reported in the Dominican Republic, while the lowest were registered in the Panamanian capital.
The regional report on average prices to the final consumer of gasoline, diesel and Liquefied Petroleum Gas (LPG) in Central America, effective for the week of February 27 to March 7, 2021, was made based on official prices and monitoring or surveys carried out by the different General Directorates of Hydrocarbons or equivalent, in the capital of each Central American country.
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.
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.
Price per gallon of regular gasoline: Costa Rica $4.10, Nicaragua $3.51, Honduras $3.39, El Salvador $2.95, Guatemala $2.92 and Panama $2.81.
From the report of the Ministry of Economy of El Salvador:
The current reference prices for gasoline and diesel show a mixed trend (ups and downs), these variations are due to the continuous fall in the reserves of these products, according to reports provided by the IEA in February 2020.
During 2019 the consumption of diesel, gasoline and gas, products with the highest participation in the oil bill, reached Ch$2,719 million, a 0.8% lower amount than that reported in 2018.
Figures from the General Direction of Hydrocarbons (DGH) detail that between 2018 and 2019 the Guatemalan oil bill was reduced by $21 million, from $2.719 million to $2.041 million.
Price per gallon of regular gasoline: Costa Rica $4.08, Nicaragua $3.52, Honduras $3.51, El Salvador $2.96, Guatemala $2.96 and Panama $2.81.
From a statement by the Ministry of Economy of El Salvador:
The current reference prices for gasoline and diesel show a marked decline at the national level, which reflects the emergency experienced by China because of the coronavirus.
Price per gallon of regular gasoline: Costa Rica $4.07, Nicaragua $3.52, Honduras $3.45, El Salvador $3.04, Guatemala $3.02 and Panama, $2.83
From a statement by the Ministry of Economy of El Salvador:
The current reference prices for gasoline and diesel, show low prices at national level, due to the outcome of the conflict between the United States and Iran, where the Arab country attacked two military bases located in Iraqi territory.
Price per gallon of regular gasoline: Costa Rica $4.07, Nicaragua $3.52, Honduras $3.45, El Salvador $3.04, Guatemala $3.02 and Panama $2.83
From the Ministry of Economy of El Salvador's statement:
The current reference prices for gasoline and diesel present generalized increases, due to the recent geopolitical conflicts between the United States and Iran during the first weeks of January 2020, which is why the international prices of oil and derivatives increased by an average of 4%.
Price per gallon of regular gasoline: Costa Rica $4.11, Nicaragua $3.57, Honduras $3.46, Guatemala $3.09, El Salvador $3.07 and Panama, $2.85
From the Ministry of Economy of El Salvador's statement:
The current reference prices show increases in all their presentations, because of the announcement given by the United States and China, about the signing of phase 1 of the economic conflict in January 2020.
Price of a gallon of regular gasoline: Costa Rica $ 4.07, Nicaragua $ 3.52, Honduras $ 3.45, El Salvador $ 3.04, Guatemala $ 3.02 and Panama, $ 2.83.
From the Ministry of Economy of El Salvador:
The current reference prices present their second combined variation for gasoline and diesel; this trend is the result of the increase in gasoline and distillate reserves.
Price per gallon of regular gasoline: Costa Rica $4.12, Nicaragua $3.52, Honduras $3.45, El Salvador $3.07, Guatemala $3.05 and Panama $2.86.
From the Ministry of Economy of El Salvador statement:
The current reference prices present combined variation for gasoline and diesel; this trend responds to the economic conflict between the largest producer of oil and derivatives (United States) and the largest consumer of the same (China) that has extended for 16 months. The United States has scheduled for next December 15, a 15% increase in tariffs on Chinese products for a value of US$160 billion dollars, generating uncertainty in the international hydrocarbons market. Therefore, if such an increase is imposed, the demand for oil derivatives could decrease, generating an oversupply.
Price per gallon of regular gasoline: Costa Rica $4, Nicaragua $3.56, Honduras $3.44, El Salvador $3.06, Guatemala $3.06 and Panama $2.86.
From the Ministry of Economy of El Salvador statement:
The current reference prices show their second consecutive decline in gasoline and diesel for the current fortnight, these decreases are the result of the increase in U.S.
Price per gallon of regular gasoline: Costa Rica $3.86, Nicaragua $3.53, Honduras $3.41, El Salvador $3.06, Guatemala $3.05 and Panama $2.83.
From the Ministry of Economy of El Salvador:
The current reference prices are low for gasoline and diesel nationally, this responds to the latest weekly report of oil reserves provided by the IEA, which reported a 5.07-million-barrel increase, well above the forecast of experts who predicted a superficial growth of just 500 thousand barrels per week. This generates continuity of raw material for petroleum products, even though gasoline reserves decreased 3.04 million barrels and diesel 1.03 million barrels per week.
Price per gallon of regular gasoline: Costa Rica $3.88, Nicaragua $3.53, Honduras $3.44, El Salvador $3.08, Guatemala $3.04 and Panama $2.83.
From the Ministry of Economy of El Salvador statement:
The current reference prices present combined variation for gasoline and downward variations for diesel; this trend responds to a first partial agreement between the largest producer (United States) and the largest consumer (China) of oil and oil products worldwide. Last October 11, the tariff increase was suppressed that was maintained for a value of US$250,000 million and were scheduled to rise from 25% to 30% to several Chinese products, which generated an expectation of increased demand among investors and producers in the hydrocarbon market.
Price per gallon of regular gasoline: Costa Rica $3.86, Nicaragua $3.62, Honduras $3.45, El Salvador $3.11, Guatemala $3.14 and Panama $2.89.
From the Ministry of Economy of El Salvador statement:
The current reference prices present their second consecutive increase in the prices of gasoline and diesel. This rise is because of the caution that exists due to the resumption of negotiations between the United States and China, scheduled for October 11 and 12, which generates uncertainty between investors and producers, as it is an agreement between the largest producer and the largest consumer of oil and oil products worldwide.