Fuel prices: Panama close to national emergency –Minister

Panama’s fuel compensation fund has run out of money and with a $4 million deficit, the price of gasoline can no longer be subsidized.

Minister of Industry and Trade, Ricardo Quijano, said on TVN on Thursday March 8 that drivers faced with escalating prices (up 25 cents a gallon in the last month) drivers should find alternatives like car pools and "alternative" fuels.

“We are almost in a national emergency. Oil prices are not going down”.

The rising price of fuel  is expected to put pressure on food prices, increasing the cost of living index and speed up inflation already well over 6%.