The “week before Christmas” at the gas pumps
(newsroompanama.com) There will be a Christmas surprise waiting for Panama motorists when they pull up at the gas pumps on December 18.
But it’s more likely to seem like the piece of coal that, in the past, Santa was reputed to leave in the stockings of those who had not earned a real Christmas gift.
The price of gasoline is forecast to jump around 20 cents a gallon bringing prices at the pumps to a level only a couple cents below the highest price of the year, reached in May when 95 octane reached $3.49 a gallon.
The paine for Diesel users will be a little less with a jump of “only” 14 cents a gallon.
The new price level will remain in place until year end, and who knows what.
This trend continues through next Wednesday, which is when the price is announced officially, will record the highest increase so far this year.
The highest increase this year was between 8 and 21 May when 95-octane gasoline reached $ 3.49 a gallon.
Currently, 95 in Panama and Colon costs $3.27, while and 91 octane at $ 3.06. A gallon of regular diesel and low sulfur costs $ 2.89 and $ 2.96, respectively.
The rise is blamed on inventory reserves in the U.S. whixh have declined more than expected by strong growth through the third quarter.
Another factor influencing the refineries is plant repair and maintenance which leading to low production.
Some analysts predict that diesel and kerosene will continue to rise, because they are products that are in higher demand in the current wintere season, in the U.S. and Europe.
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Original Source: Newsroompanama.com
Date Retrieved: December 13, 2010.
