Oil Surpasses $100: This is How the Fuel Price Hike is Hitting Panama
When Texas crude oil, which is taken into account for the calculation in Panama, exceeds $100, the average price of 95-octane fuel can reach between $1.15 and $1.40 per liter. The world is entering a phase of energy emergency. With oil prices above $100 in some European and Asian countries, there is already talk of measures to save electricity and reduce car use. Focusing on Panama, a country that is 100% dependent on imported oil, consumers have had to spend an additional $5 to $10 to fill their tanks due to rising gasoline prices. Where they previously spent $20 to fill their tank, they now have to spend more than $35 and even up to $50. In Panama, fuel prices change every 14 days.
Confirmed: Gasoline and Diesel Prices will Rise Again
The National Energy Secretariat confirmed the new regular prices for gasoline and diesel, which show a new increase. It was reported that 95-octane gasoline will increase by 11 cents per liter and 91-octane gasoline by 10 cents per liter. Diesel was reported to increase by 15 cents per liter.
Government Sets Price Ceiling for Gasoline for Transporters
Minister Felipe Chapman pictured above, said the measure could be in effect for up to 10 months, although it could be suspended early if global energy market conditions improve. The Cabinet Council approved a temporary measure to stabilize the price of fuels intended for public transport nationwide, amid the impact that the armed conflict in the Middle East is having on international hydrocarbon markets. Chapman specified that 95-octane gasoline is excluded from this measure.
Officials are Limiting their Foreign Travel, Per Diem Allowances, and Fuel Consumption due to Rising Oil Prices
The Ministry of Economy and Finance (MEF) ordered on Tuesday, March 31, the restriction of international travel, the reduction of travel allowances, and the strengthening of controls on institutional mobility as part of a package of measures to contain public spending in the face of the global rise in oil prices and the energy crisis due to the war in the Middle East. Among the most immediate measures is a temporary restriction on international travel and per diem expenses, which will only be authorized in cases considered critical and when they cannot be resolved digitally. Trips fully funded by international organizations are exempt, the Ministry of Economy and Finance (MEF) indicated.
