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Tuesday, September 02 2014 @ 07:34 AM EDT

Gas Prices Will Drop At The Pump on Saturday

Cars & TransportationThe new fuel prices that will take effect starting this weekend will continue to reflect a downward trend, said Wednesday, the Energy Secretary, Juan Urriola. The official explained the new prices at the pump. He said the 95-octane gasoline will drop 14 cents to settle at $4.22 per gallon, while a gallon of 91 octane will reduce the price 5 cents to settle at $3.76 per gallon. The same applies to diesel with low sulfur content, which will drop by 8 cents per gallon to a new price of $3.54. The new prices will take effect on Saturday 16 June 2012 and will run until 30 June 2012. (Estrella)

Editor's Comment: Gas prices at the pump in Panama track pretty closely with the international cost of a barrel of petroleum on the open market. As production costs go up, they are passed along to consumers. As they go back down, prices go back down. There's a lag in the response time, but it's always there, and it's also something over which the government of Panama has practically no control. Higher fuel prices is what has been driving most of the inflation trends in Panama at a macro level.

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