Gas prices to drop sharply

THE FALLING  prices of oil could mean a significant drop in the cost of filling the gas tank at Panama’s pumps on  Friday  August 7.

According to the latest calculations of the National Energy Secretariat, a cut of 24 cents a gallon is likely for 95 octane and 19 cents down for 91 octane. Diesel is predicted to fall eight cents.

The prices will be confirmed by the Energy Secretariat on Wednesday and will remain in effect until August 21.

600 gas stations nationwide will be governed by the price cap.

A press release from the Ministry says that checks will carried out across the country to ensure that the pricing is applied.

Meanwhile, Texas oil prices closed on Monday with a sharp drop of 4.13% to $45.17, its lowest level since March; and Brent crude in other international markets, tumbled 5.24% to $49.47.