Business chamber knocks government action on fuel prices

Panama’s Chamber of Commerce, Industries, and Agriculture (Cciap) warns that government measures to reduce the effects of rising fuel prices do not solve the problem.

In its weekly message, the Chamber highlighted the measure that the government will execute, for the benefit of users of public transport (collective and selective) by decreeing a temporary stable cost for the sector, and for agricultural commercial and rolling transport.

However, it warns that one cannot lose sight of the fact that this measure does not solve the problem in a general way, since the rest of the country’s sectors will continue to face the increase in fuel prices.

“Faced with the limited scope of the measure, this business association urges the search for measures that impact all consumers, as long as the Ministry of Economy and Finance presents a clear and timely analysis of how much is lost with these provisions and explains what Containment or savings actions would be taken to cover them, so as to avoid an imbalance in the already impacted public finances”, is expressed in the statement.

The Executive’s measure establishes a fixed price per gallon of $3.95 ($1.04 per liter) for 91 and 95 octane gasoline and low-sulfur diesel, for public transport (collective and selective) as of June 3, 2022. This benefit does not include the Metro Bus transportation system.

Reactivation 
The Cciap raised once again the need to promote initiatives to reactivate the economy, especially the activities of micro, small and medium-sized companies since this translates into the recovery and generation of jobs.

“For some time now we have argued that to the extent that these companies can access the joint venture loans approved last year by the National Government, they will have the ability to generate jobs for the well-being of Panamanians.”