Panama Gasoline and Diesel Prices are Expected to Lower Soon

Panama prices of gasoline and diesel have been increasing this past month but are expected to go lower soon.  Gas prices are once again on the decline across the world, bringing some relief to drivers now paying a little less to fill up their tanks.  The anticipated decrease in fuel prices is associated with the weak China inflation data, Hurricane Beryl as well as on the status of the dollar.  “Firstly, crude falls on weak China inflation data pointing to soft consumer confidence and the potential stimulus measures from Beijing to boost demand”.  It is down about 9 cents from a week ago marking the largest one-week drop recorded so far in 2024. Monday’s average was also more than 19 cents less than it was a month ago and over 14 cents below the level seen this time last year. Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide. Demand is just kind of shallow.  Experts also point to cooling oil costs. Prices at the pump are highly dependent on crude oil, which is the main ingredient in gasoline. Oil prices can be volatile and hard to predict because they’re subject to many global forces. That includes production cuts from OPEC and allied oil producing countries.  Oil has stayed in the mid $70s a barrel over recent weeks — closing at under $78 a barrel Monday. That’s “not a bad place for it to be.