In the first quarter of 2021 fuel sales in the country have shown an upward trend, as in January 59.6 million gallons were demanded, in February the figure rose to 65.3 million gallons and in March it climbed to 75.7 million gallons.
The accumulated figures show that during the first quarter of the year, 201 million gallons of fuel were sold in the Panamanian market, a figure that is 20% lower than that reported in the same period of 2020.
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.
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.
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.
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 $3.82, Nicaragua $3.61, Honduras $3.39, Guatemala $2.99, El Salvador $2.98 and Panama $2.81.
From the Ministry of Economy of El Salvador report:
The current reference prices for gasoline and diesel maintain a mixed trend (ups and downs), these variations are because of the continuous fall in the reserves of these products.
During January of this year in Panama 90 million gallons of fuel were sold, a figure that is 7% less than that reported in the same month of 2019.
The General Comptroller of the Republic reported that during the first month of 2020, gasoline consumption in the country, which includes 91 and 95 octanes, fell to 27.9 million gallons, 1.3% more than the 27.5 million gallons registered in January 2019.
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.
The private sector believes that Ortega's creation of new state-owned companies to exploit oil and import and market gas and fuel will generate dumping in the country.
Through the creation of four new state-owned companies, President Ortega seeks to control the exploration and exploitation of oil in Nicaragua, as well as the import, storage, distribution and marketing of gas and fuels.
With the approval of the law initiatives, the government seeks to transfer the control that Alba de Nicaragua S.A. used to have in this market. (Albanisa), which was sanctioned by the U.S. because of its links with Petróleos de Venezuela, and Distribuidora Nicaragüense de Petróleo (DNP), which was also sanctioned by the same country, in this case for benefiting the Ortega family with non-competitive contracts.
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.
In Panama, 1.035 million gallons of fuel were sold from January to November 2019, and demand for 95-octane gasoline grew by 7% over the same period in 2018.
The General Comptroller of the Republic reported that during the first eleven months of 2019, gasoline consumption in the country, which includes 91 and 95 octane gasoline, reached 309 million gallons, 3% more than in the same period of the previous year.
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%.
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