Government to regulate gas prices
PANAMA. Oil prices for the last two months have been on a roller coaster, rising with the devaluation of the dollar to $140 a barrel, th...
PANAMA. Oil prices for the last two months have been on a roller coaster, rising with the devaluation of the dollar to $140 a barrel, then dropping precipitously (and nearing $100 a barrel) only to rise again with the recent tumultuous week on Wall Street.
The effects of the up and down price movement has not been felt in Panama, however, where oil derivatives like gasoline have remained high.
At least until now.
President Martin Torrijos has announced that the government will use all of the measures at its disposal to guarantee a stable local price, assuring residents that the price of gas would not increase in the next 15 days.
Torrijos said he was aware of the world-wide increase, but that regardless of the fact that the price of oil has in fact decreased at some points, the price of its derivatives keep increasing.
He further claimed that the government is determined to revise certain aspects in a market characterized by abuses and where prices are not fair. “Since the refinery was closed down the norms have helped oil companies more than consumers.”
The new norms will be revealed by Energy Secretary Dany Kuzniecky this week, in hopes of taming down citizens infuriated by the fact that price stabilization in international markets has not translated into lower prices at their local gas stations and a smaller hole in their wallets.