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Wednesday, April 23 2014 @ 02:40 AM EDT

Martinelli Freezes Fuel Prices To Delay Increase

Cars & TransportationBy DON WINNER for Panama-Guide.com - President Ricardo Martinelli authorized the National Energy Secretary to maintain gas prices at their current levels until 14 September 2012, and therefore nullifying the expected increase from this weekend due to international fluctuations in fuel prices. President Ricardo Martinelli issued Executive Decree 582 of 6 September 2012, signed by the Panamanian president and the Minister of the Presidency, Roberto Henriquez, which specifies that prices will remain at their current maximum retail prices. It also orders the Consumer Protection Authority (ACODECO) to ensure compliance with the measure. The National Energy Secretariat has the power to set the maximum retail fuel prices that can be charged at the pumps, and normally they set the new prices every 14 days. The prices rise or fall, depending on the fluctuations in the cost to import fuels, the respective estimated freight costs, and allowing for reasonable marketing margins for each fuel. A press release from the Presidency explains Martinelli took this step to help Panamanians by offsetting the expected fuel price increase for this weekend.

Editor's Comment: Apparently, Martinelli really didn't want to add rising fuel prices into the mix of the conversation this weekend, considering everything that's going on a the National Assembly. However, there's only so long a measure like this can be kept up. Sooner or later the market has to be allowed to run it's course. The government was artificially keeping fuel prices low for awhile, and they kept it up until it got too expensive.

Copyright 2012 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.

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