Gasoline consumption rises in response to falling prices – NotiCel – The Truth As It Is – Puerto Rico News – NOTICEL
The increase in gasoline purchases amounted to 7.6% with a price decrease of more than 14%.
Gasoline consumption in Puerto Rico rose 7.6% in 2023, apparently in response to falling fuel prices, which fell by more than 14%.
The most recent data from the Department of Consumer Affairs (DACO) (prices) and the Ministry of Finance (consumption) covers the period up to October 2023, but this pattern of consumption growth continued as of February of the recently ended year.
According to these data, gasoline consumption for the month of October was 74.3 million gallons, which exceeded consumption of 71.9 million in the same month of 2022 by 3.3%.
Cumulative consumption during those 10 months of 2023 was then 753 million gallons, 53 million, or 7.6%, more than what was consumed during the same period in 2022.
A comparison for the first four months of the current fiscal year 2023-2024 (July to October) maintains the same upward trend in consumption: 304.6 million, up 24.7 million from the previous year, an increase of 8.8% .
On the subject: October began with a drop in gasoline prices
Price reduction
This increase in consumption is accompanied by a decrease in the average price of gasoline by 14.6%.
It was estimated to be $3.48 per gallon for those 10 months, a bargain compared to the previous year’s average price of $4.08. Data for October showed an average price of $3.43 per gallon, down 10.4% from the $3.83 recorded for the same month in 2022.
The decline in cents in October averaged 40.2; 40.5 for regular gasoline and 39.76 for premium or super gasoline. However, the largest decline was in diesel gasoline, down -74.78 cents year over year.
This drop in the average price of gasoline and related regular and premium prices matches the U.S. Energy Information Agency’s estimate of the average decline for this country in 2023, which was 43 cents per gallon.
“The relatively lower gasoline prices primarily reflect lower oil prices in 2023 compared to 2022, as well as higher gasoline inventories in the second half of 2023,” the agency said in its report.
Notably, the average annual gasoline price in 2022 was the highest since 2014, adjusted for inflation.
Related story: DACO is vigilant about possible gasoline price increases
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