Puerto Rico Sees Another 4-5 Cent Reduction in Gasoline Cost

San Juan, Mar 15 Puerto Rico reports on Tuesday a further reduction in the price of gasoline and diesel between four and five cents per liter, the Department of Consumer Affairs (DACO) reported. According to the DACO in a press release, at the close of Monday, the five fuel-importing wholesalers on the Caribbean island reported casualties with those reported by the relevant markets. These reductions, in turn, will reflect a decrease in the pump sales price of up to four cents per liter in gasoline, and up to five cents per liter in diesel, for those stations that purchase fuel today. Therefore, the price of regular gasoline at stations on the island should be around $1.03 to $1.09 this Tuesday, while the cost of diesel should fluctuate between $1.02 and $1.13. The drop in prices, according to DACO, is due to the willingness that both Russia and Ukraine have shown to negotiate a way out of the armed conflict and the decrease in demand as a result of the covid-19 lockdown of several cities in China. This price drop reported on Tuesday is the most current since March 11, when the DACO recorded a reduction in the price of gasoline and diesel between three and four cents per liter. The DACO, in turn, remains attentive to international market behavior, in order to ensure that local industry behaves similarly, and that the crisis is no excuse for price speculation. In this regard, the freezing of profit margins has been effective. Frozen margins for wholesalers range from 16 to 20 cents per liter, the DACO reported. As for retailers, the range includes margins between 15 and 18 cents, which were the predominant when the freeze order came into force, with 20 cents being the maximum limit allowed. CHIEF jm/rrt