Dramatic drop in fuel prices
As of November 23rd fuel prices will decrease between 15 and 20 cents per gallon in Panama.
The National Energy Secretariat informed the public that the prices would be in effect starting on the 23rd with
95 octane gasoline decreased 4 cents per liter or 14 cents per gallon, a significant drop in price at 77 cents per liter or $ 2.94 per gallon.
91 octane will decrease 5 cents per liter or 20 cents per gallon and sell for 73 cents per liter or $ 2.77 per gallon.
The low sulfur diesel drops 4 cents per liter or 15 per gallon to sell for 75 cents per liter or $ 2.86 per gallon.
The drop in fuel prices is a reflection of the drop in oil in the past weeks. However, crude oil prices rose close to 1 dollar from several months’ lows on Wednesday, due to a report that showed strong demand for fuels in the United States, despite concerns about a surplus in the market.
The West Texas Intermediate (WTI), which is used as a reference in the local market, rose 1.20 dollars, or 2.25%, to 54.63 dollars per barrel.