MICM reported variation in fuel prices

The Ministry of Industry, Commerce and Mipymes (MICM) reported that, due to the impact and volatility of the increases in international oil prices, for the week of January 15 to 21, 2022, the prices of some hydrocarbons will have variations.

The Vice Minister of Internal Trade, Ramón Pérez Fermín, affirmed that these variations do not adjust to what the market really commands, and the government assumed a debt of RD$290 million with importers, to avoid historical increases in the gallon of LPG for 14 pesos, 21 pesos in Regular Gasoil, increases in Premium and Regular Gasolines by 11 pesos, and Optimal Gasoil by 12 pesos.

Pérez Fermín valued President Luis Abinader’s announcement of the impossibility of continuing to subsidize fuels as an act of responsibility, courage and transparency, since it pursues the objective of not playing with the sustainability of public finances. LPG prices in RD$2.00 to be sold at RD$144.60, Premium Gasoline and Optimo Gasoil will increase RD$5.00 to be sold at RD$278.60 and RD$228.10 respectively, likewise there is an increase in Gasoline and Regular Gasoil of RD$4.00 to be sold at RD$262.50 and RD$208.60 respectively.

This week’s IEA report indicates that crude oil inventory reserves fell again by 4.5 million barrels, exceeding by 3 times the drop expected in the market. For its part, inflation in the United States has touched historical levels, as well as the devaluation of the dollar, to which are added the effects of the energy crisis, impacting the prices of Natural Gas and coal at record levels.

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