The DACO reports a drop in the price of gasoline

Drivers will be able today, Thursday, to fill the gas tank a little more before a reduction of between six and nine cents per literafter yesterday it closed with a notable drop in the reference markets that was transferred to the wholesale prices of fuel in Puerto Rico, informed the Secretary of the Department of Consumer Affairs (DACO), Edan Rivera.

The secretary specified that four of the five importing wholesalers notified important reductions for today.

“The reduction in wholesale prices translates into a decrease of between six and nine cents (0.06 – 0.09) per liter in pump sales prices,” said Rivera Rodríguez, who clarified that, for today, Thursday, “The drop will be evident in those stations that refuel during the day.”

The secretary outlined that the drop reported by the reference markets responds to three aspects that are being considered in the context of the war between Russia and Ukraine:

1) The possibility of an increase in supply by OPEC (Organization of Petroleum Exporting Countries).

2) A possible negotiation between the United States and Venezuela.

3) Investor confidence in Russia’s willingness to end the occupation.

Gasoline prices at the pump on March 9 and 10, 2022.
Gasoline prices at the pump on March 9 and 10, 2022. (DACO)

“After several days of a marked upward trend, the fact that the reference markets report such a marked decline represents a great respite. However, it is important to be aware that, as long as the war continues, the fluctuations are likely to continue”, the official stressed.

Rivera Rodríguez emphasized that, “in the framework of uncertainty that exists these days, the duty of the DACO is to inform citizens, and ensure that any fluctuation in the local market is a reflection of the behavior of the reference markets and is not a product of speculation. This, although it may be uncomfortable, promotes transparency and helps the consumer to be clear that there are external factors that cannot be controlled”.

“The freezing of profit margins has been effective, mainly, because it provides consumer protection without constituting an undue intervention in trade,” said the secretary.

Rivera Rodríguez affirmed that the Freezing Order provides for any person who considers himself affected by its provisions to submit a request for reconsideration.

“Although at the moment, we have only received three requests of this type, they have all been attended to on the same day. We exhort any person who feels that the frozen margin is insufficient to make the proposal of it through the mechanisms provided for it, ”he concluded.

DACO recommended gasoline price by brand, for March 10, 2022.
DACO recommended gasoline price by brand, for March 10, 2022. (Capture)

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