Chevron's $7 million investment in the Acajutla terminal in El Salvador increased its fuel storage capacity from 300,000 to 450,000 barrels.
As announced in 2016, the investment in the plant expansion consisted of the construction of two tanks, each with a storage capacity of 75,000 barrels.
The company AES Panama launched its liquefied natural gas storage system in the province of Colon, from where it plans to supply the entire Central American region.
This liquefied natural gas (LNG) distribution system will supply the 381 MW thermal plant located on site, also owned by AES, which began operating in August 2018.
Price of gallon of regular gasoline: Costa Rica $3.94, Nicaragua $3.47, Honduras $3.43, Guatemala $2.89, El Salvador $2.86 y Panama $2.70.
From a statement issued by the Ministry of Economy of El Salvador:
The volatility of international prices of products (gasoline and diesel) in the oil market persists, being the main factor affecting reference prices for fuels.It is worth noting that as final consumers we should be aware that the instability of oil prices andtheir fluctuations are permanent factors, making assertions and predictions about future prices unpredictable, however in the current fortnight trends in international prices have been caused by the following events:
So far this year Chevron has invested $8 million in the opening of three stations and plans to start expanding the storage terminal in Acajutla.
The project to expand the storage terminal operating in Acajutla consists in increasing capacity"... by about 150 thousand barrels of fuel with the operation of two other tanks which will come online next year." Currently the plant has six tanks for diesel and gasoline, with a storage capacity of 300,000 gallons.
Price of gallon of regular gasoline: $2.51, Guatemala $2.79, El Salvador $2.74, Honduras $3.15, Nicaragua $3.32, and Costa Rica, $3.82.
From a statement issued by the Ministry of Economy of El Salvador:
The rise in prices of oil products has been affected by a weakening of the dollar as a currency, as well as fires in Canada, instability in the region producing oil and its derivatives in Nigeria; and a series of suspensions of operations at refineries over fears of a possible hurricane heading towards the Gulf of Mexico, and added to this are supply disruptions in different parts of the world which have elevated international prices causing instability, confirming the volatility in the oil market, leading to abrupt price changes which are becoming impossible to predict, directly hitting the reference prices of liquid fuels in El Salvador.
Price of a gallon of regular gasoline: Panama $2.34, El Salvador $2.48, Guatemala $2.44, Nicaragua and Honduras, $3.17 and Costa Rica, $3.77.
From a statement issued by the Ministry of Economy of El Salvador:
New variations with a downward trend which occurred in this week, are due to the significant drop in prices of derivatives and oil, which are caused by the results of the latest OPEC meeting, where member countries reached an agreement on a maximum ceiling for oil production and maintaining the overabundance of supply, coupled with the fact that Iran will join the market next year, once the West has removed the sanctions that it imposed sanctions over its nuclear program. These factors lead to oversupply causing a decline in reference prices.
Price of a gallon of regular gasoline: $2.49 Panama, El Salvador $2.60, $2.62 Guatemala, Nicaragua $3.22 Honduras $3.26 , Costa Rica $3.78.
From a statement issued by the Ministry of Economy and Trade of El Salvador:
El Salvador is in first place with the lowest gasoline prices and in second place for lowest diesel prices in Central America.
The Ministry of Economy announced on October 26 that the reference prices for gasoline, effective from October 27 to November 9, 2015, will experience reductions of up to - $0.05, it is worth mentioning that this is the seventh consecutive reduction in prices of regular and special gasoline ; while diesel has once again registered a slight decrease.
An analysis states that bureaucratic obstacles may discourage the entry of new competitors in a market moderately concentrated.
From a statement issued by the Superintendency of Competition:
SC Updates Study on Liquid Fuel Sector
After completing in June 2015 the "Update of the sectoral study on competition in the market for liquid fuels" prepared by the Economic Administration of the Superintendency of Competition, the Board of Directors of the authority issued recommendations aimed at promoting economic efficiency and welfare of consumers in this market.
The company received the authorization to expand the jet fuel plant in Comalapa and plans to invest $20 million between 2015 and 2016 to improve the capacity of the plant in Acajutla.
Expansion of the terminal near the Comalapa airport will cost approximately $1 million and will allow for storage of up to 16,000 barrels of jet fuel to meet demand from the airlines with which it holds contracts.
Price of a gallon of regular gasoline: Panama $3.30, El Salvador $3.39, Guatemala $3.55, Honduras $4.03 , Nicaragua $4.06, and Costa Rica $5.03.
From a statement issued by the Ministry of Economy in El Salvador:
During the month of November, the price of WTI (West Texas Intermediate) in the Gulf Coast of the United States had an average value of $75.07 per barrel, a decrease of -4.70% compared to the previous month.
Price of a gallon of regular gasoline: Panama $3.25, El Salvador $3.56, Guatemala $3.56, Nicaragua $4.06, Honduras $ 4.11, and Costa Rica $4.99.
Excerpted from a statement issued by the Ministry of Economy of El Salvador:
During the month of November, the price of WTI (West Texas Intermediate) in the Gulf Coast of the United States had an average value of $75.34 per barrel, a decrease of -4.40% compared to the previous month.
Gallon of regular gas: $3.43 Panama, Guatemala $3.70, $3.82 El Salvador, Nicaragua $4.07, Honduras $4.33 and Costa Rica $5.16.
Excerpted from a statement by the Ministry of Economy of El Salvador:
In October, the price of WTI (West Texas Intermediate) in the Gulf Coast of the United States had an average value of $79.39 per barrel, a decrease of -6.29% compared to the previous month.
Price of a gallon of regular gas: Panama $3.91, Costa Rica $5.43, Nicaragua $4.89, Honduras $4.61, Guatemala $4.04, El Salvador $4.06.
From a press release issued by the Ministry of Economy of El Salvador (Minec):
The Ministry of Finance announced on August 18, new variations in the reference prices for fuel, which will be in effect from 19 August until 1 September 2014.
Gallon of regular gas: Costa Rica $5.17, Nicaragua $4.86, Honduras $4.75, Guatemala $4.22, El Salvador $4.17.
From a statement issued by the Ministry of Economy in El Salvador:
The Ministry of Finance announced on June 23 new variations on the reference prices for fuel, which will be effective from 24 June to 7 July 2014.
During the month of June 2014, the price of WTI (West Texas Intermediate) in the Gulf Coast of the United States had an average value of $98.52 per barrel, showing an increase of +4.99% compared to the previous month. For its part, the international prices of petroleum products showed the following changes in the past few weeks: +2.04% in the price of premium gasoline, +2.0% in the price of regular gasoline and +0.33% in the price of diesel.