Gasoline will become cheaper starting this Friday

The WITHSecretariat for Energy (SNE) published in National Gazette no. 29735-A Decision no. MIPRE-2023-0008360 from March 8, 2023. which temporarily establishes the highest prices for the sale to the public of certain liquid fuels in the Republic of Panama.

These sales prices in Panama, which are calculated based on the behavior of international prices, will be effective from March 10, 2023 at six in the morning (6:00 a.m.), until March 24, 2023 at five fifty-nine in the morning (5 :59 hours).

In this way, for Panama and Colon 95 octane gasoline will cost $1,051 per liter, or $3,978 ($3.98) per gallon. This means that the state will have to subsidize $0.73 per gallon of this gasoline consumed by users.

On its part, 91 octane gasolines, will have a cost per liter of USD 0.985, which multiplied by 3.785 equals USD 3.728 ($3.73) per gallon, so by subtracting from that amount the agreed USD 3.25, the Government must pay the concessionaires the difference of 0.4 cents, which the actual value of a gallon of this fuel is completed.

As for the maximum price per liter sulfur-free dieselthat’s set at $0.977, meaning a gallon will cost $3.697 ($3.70), which translates into a government payment of 0.45 cents per gallon consumed.

According to the new prices, a gallon of 95 octane gasoline has become cheaper by 5 cents, and 91 will cost 0.6 cents.

Low-sulfur diesel is down 0.1 cent, as prices set 15 days ago are currently in effect until 5:59 a.m. next Friday, in which a gallon of 95-octane gasoline was $4.03, a price of 91 octane $3.79, and sulfur-free diesel $3.71.

It’s February 14th People’s government extended the price subsidy for 91 and 95 octane gasoline and diesel to $3.25 per gallon until April 1.

As of March 7, the National Government counted about 489,242 fuel subsidy beneficiaries, representing about $606,506,271.17 in consumption and about $148,392,270.42 in subsidy to the country.