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Fuel (Gasoline and Diesel) Prices and Consumption Levels [An Ongoing Saga As Occurring]


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Panama Gasoline prices, liter

Gasoline prices: We show prices for Panama from 26-Dec-2016 to 03-Apr-2017. The average value for Panama during that period was 0.75 Panamanian Balboa with a minimum of 0.71 Panamanian Balboa on 26-Dec-2016 and a maximum of 0.77 Panamanian Balboa on 16-Jan-2017. For comparison, the average price of gasoline in the world for this period is 1.20 Panamanian Balboa .
 
Panama Gasoline Prices in early 2017.png

 

 

http://www.globalpetrolprices.com/Panama/gasoline_prices/

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Most of the US refineries are located elsewhere. Los Angeles, San Francisco, Seattle, Philadelphia, Chicago, all have enormous refineries.  The Houston area is the largest single concentration of them

Gas up  ..Diesel down. 91 and 95 octane gasoline are going up 3 cents per litre. Diesel fuel will be coming down 2 cents per litre A 3 cent per litre increase is about 12 cents per gall

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US spring brings higher Panama gas prices

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THE ARRIVAL of spring in the USA means that fuel prices  in Panama  will rise Friday, April 14, says the  National Energy Secretariat.

95 octane will be sold at 0.771 a literup  from 0.732. Meanwhile 91 octane will increase to 0.745. from  0.703 a liter.

Diesel will be sold at 0.623 a liter, up from Is 0.597. Prices will apply until April 28.

“The factor attributed to this adjustment is because in the United States there is a change of season from winter to spring, which gives rise to greater demand and causes prices to rise” says the Secretariat.

 

http://www.newsroompanama.com/news/panama/us-spring-brings-higher-panama-gas-prices

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Gas prices fall, diesel climbs

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The price of gasoline will fall between 3 and 5 cents on Friday April 28 in time for the long weekend incorporating May Day.

95-octane gasoline will drop  five cents   to $.766 a liter, and  91 octane will  fall three  cents to  $.742 a liter, says Panama’s  Energy Secretariat.

The price of diesel, however, will rise 6 cents to $ .629 a liter.

The new prices, which affect the  capital and the Caribbean city of Colón, will take remain in place until May 12.

In the rest of the country, fuel prices are slightly higher because of transportation costs, say  the Energy Secretariat, which updates fuel prices every 15 days.

 

http://www.newsroompanama.com/news/panama/gas-prices-fall-diesel-climbs

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Central America: Fuel Prices up to May 9

Price of the gallon of regular gasoline: Costa Rica $4.05, Honduras $3.69, Nicaragua $3.58, Guatemala and El Salvador $3.06, and Panama, $2.81.

Monday, May 22, 2017

From a statement issued by the Ministry of Economy of El Salvador:

The current reference prices for gasoline and diesel are trending downwards due to supply and demand, on the demand side, there is less economic activity in the world, especially in China; while on the supply side, as a consequence of a rapid recovery in unconventional oil extraction from wells in the United States and a slow reduction of inventories of this nation have caused a decrease in prices. Likewise, the prices of hydrocarbons are surrounded by uncertainty about the course of the meeting that OPEC will hold on May 25 in Vienna, Austria, where further efforts will be made to reduce oil extraction by member and non-member countries until the end of the year. This year, in addition to geopolitical factors that are affecting prices in significant way and which could vary from moment to moment.

Central American Data Gasoline Chart.png

 

 

http://www.centralamericadata.com/en/article/main/Central_America_Fuel_Prices_up_to_May_9_1

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Central America: Fuel Prices up to June 5

Price of gallon of regular gasoline: Costa Rica $3.90, Nicaragua $3.69, Honduras $3.64, Guatemala $3.13, El Salvador $3.13 and Panama $2.74.

Monday, June 5, 2017

From a statement issued by the Ministry of Economy of El Salvador:

The reference prices for liquid fuels in El Salvador are being affected by an upward trend due to recent events that revolve around the latest OPEC meeting, where the 14 member countries along with 10 other countries producing oil and derivatives outside of the organization justified and maintained the decision to extend the extraction reduction until March 2018, together with a notice provided by the Energy Information Administration (EIA) on the reduction in inventories held by the United States by approximately more than 8 million barrels surpassing the expectations of analysts and international experts, also gasoline stocks fell by approximately 2.9 million barrels which has caused prices of gasolines to be the most affected by this upward trend. Clic para interactuar con la gráficaClic para interactuar con la gráfica

The changes in international prices of refined products (gasoline and diesel) in recent weeks have influenced prices in Central America, placing El Salvador first in terms of the lowest prices for regular gasoline, sharing first place with Guatemala in terms of lowest prices for special gasoline, first place for the lowest prices for diesel and second for the lowest prices on low sulfur diesel in Central America.

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(Price in dollars) Diesel Regular Special
El Salvador 2,52 3,13 2,88
Guatemala 2,32 3,13 2,93
Honduras 2,87 3,64 3,24
Nicaragua 2,95 3,69 3,55
Costa Rica 2,93 3,90 3,71
Panama* 2,30 2,74 2,89

*Data taken from Acodeco.gob.pa

http://www.centralamericadata.com/en/article/main/Central_America_Fuel_Prices_up_to_June_5

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Gasoline and diesel prices down

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PANAMA drivers will benefit from falling oil prices this weekend when both 91 and 95 octane gasoline will cost  four cents a liter less.

The National Energy Secretariat (SNE) announced on Wednesday, June 21 the new prices for   gasoline and diesel that will be in force as from 6 a.m.  Friday, June 23.

Aliter of diesel will fall 3 cents.

In the provinces of Panama and Colon, 95-octane gasoline will cost.711 cents  per  liter and a liter of 91 octane will be . 687. and ULS diesel will be  .576 a liter.

The  new prices will be in force until Friday, July 7.

 

http://www.newsroompanama.com/news/panama/gasoline-diesel-prices

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Gasoline and diesel up 2 cents

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GASOLINE and diesel  prices will climb  two cents a liter on Friday, July 21.

The  National Energy Secretariat confirms that the new price at the pumps will be  73 cents a liter for 95 octane  and 71 cents a liter for 91 octane.

Low sulfur diesel will increase two cents and cost 59 cents a liter.

The changes will be effective from 6:00 am on Friday 21, until August 4.

 

http://www.newsroompanama.com/news/panama/gasoline-diesel-2-cents

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Central America: Fuel Prices up to of July 31

Price of a gallon of regular gasoline: Costa Rica $3.68, Nicaragua $3.48, Honduras $3.26, El Salvador $2.87, Guatemala $2.80 and Panama $2.59.

Monday, July 31, 2017

From a statement issued by the Ministry of Economy of El Salvador:

OPEC and non-member countries met in Russia in the city of St. Petersburg to review market conditions and generate new proposals linked to their pact to reduce production, in which they considered extending their cut beyond March 2018, the Saudi Arabia's Minister energy minister, Khalid al-Falih, said his country would limit crude oil exports to about 6.6 million barrels per day, almost one million below a year ago, in order to help accelerate the rebalancing of global supply and demand. 

In the United States, reports published by the International Energy Agency (IEA) show a sharp decline in crude oil reserves in the last two weeks. 

Added to this, price instability has put unconventional oil producers on alert, preventing them from aggressively resuming production, lower drilling growth and slowing up the overabundance of supplies, which means an increase in international prices of derivatives.

Prices in dollars Regular Special Diesel
El Salvador 2.87 3.04 2.39
Guatemala 2.80 3.00 2.19
Honduras 3.26 3.56 2.81
Nicaragua 3.48 3.56 2.87
Costa Rica 3.68 3.85 2.91
Panamá* 2.59 2.66 2.18

*Data taken from Acodeco.gob.pa

Gasoline Price Chart.png

 

http://www.centralamericadata.com/en/article/main/Central_America_Fuel_Prices_up_to_of_July_31

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Gasoline and diesel prices raised

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GASOLINE  and diesel  prices will rise on Friday, August 4, but will still remain the lowest in Central America.

The National Energy Secretariat, reports that 95-octane gasoline will cost  climb three cents to 75 cents a liter a liter while 91-octane will increase two cents to 73 cents a liter

Diesel  will also increase of three cents  to 62 cents  a liter.

The new  prices will run from 6:00 a.m. and remain in effect until Aug  18.

Despite progressive increases in OPEC fuel, since the beginning of the year, Panama has kept the lowest cost in the region  says the Secretariat.

 

http://www.newsroompanama.com/news/panama/gasoline-diesel-prices-raised

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1 hour ago, Uncle Doug said:

I don't know the source of Panama's fuel, but if it comes from the refineries along the Texas Gulf Coast, we shouldn't be surprised to see a significant price spike until those refineries are able to reopen after the storm.

I thought it came from Venezuela, which is just as bad.  I don't know how the country is exporting anything, considering the conditions there.

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In previous fuel crises, the Secretariat National of Energy of Panama subsidized a portion of sudden increases and clawed them back later.

Big oil stuck all their fuel refining capacity in one soggy bottomed section of North America and then just keeps on gouging the consumer when the inevitable happens.

 

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Most of the US refineries are located elsewhere. Los Angeles, San Francisco, Seattle, Philadelphia, Chicago, all have enormous refineries.  The Houston area is the largest single concentration of them because of the offshore oil production in the Gulf of Mexico, as well as being situated as the best port for importing oil into the United States, but it represents less than a third of US refining capacity.

This site shows that Panama has been importing about 5 million gallons per month of gasoline, diesel, and jet fuel from the US.  https://www.eia.gov/dnav/pet/PET_MOVE_NETI_DC_NUS-NPM_MBBLPD_M.htm

Refineries in Corpus Christi and in Louisiana are still operational. But there are going to be shortages for at least a couple more weeks.  There are long lines for gasoline in places as far away as Dallas.

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1 hour ago, Uncle Doug said:

This site shows that Panama has been importing about 5 million gallons per month of gasoline, diesel, and jet fuel from the US.  https://www.eia.gov/dnav/pet/PET_MOVE_NETI_DC_NUS-NPM_MBBLPD_M.htm

Ok, Doug. But when you look at the data in this link it shows in all columns that there is a (-) minus number. Even the total. Unless I am reading this wrong it looks to me that Panama is not getting any fuel from the US. I hear as well that the fuel comes from Venezuela and Mexico...which would be cheaper and less transportation cost. The tanker ships off loading at Puerto Armuelles petrol storage facility are coming from somewhere.

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That particular page shows the Panama/US statistics.  The (-) minus represents a US export.  Look at this page to see the overall picture.

https://www.eia.gov/dnav/pet/pet_move_neti_a_EP00_IMN_mbblpd_m.htm

Scroll down to Canada, for example, and you'll see a huge positive number.   All the numbers are in barrels (42 US gallons) per day, so you can see that the US is importing a lot of crude oil from Canada. But then look at Japan, or the Bahamas.  Those are negative numbers because it represents the flow of petroleum and the by-products is in the other direction, i.e., exports.

I have no idea where tankers at Puerto Armuelles come from.  Surely not from Texas.  It could be from Mexico or even Southern California.  It would make sense the terminal at Colon would get product from sources in Texas, Mexico, and Venezuela.  I can't find any information on the origin of all the fuel here in Panama, but the page does show that it's getting that much from US sources.

Edited by Uncle Doug
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My rant about big oil is because the price of regular gasoline has already jumped 15 cents a litre this week in Toronto, which is thousands of miles away from the storm.

This flow chart of the national fuel supply indicates USGC, Rotterdam and Singapore as being suppliers to Panama.

b-refinar-o-import-13_orig.thumb.jpg.eb8ff58b2815949c6ec7048c40eb4b6c.jpg

Edited by Keith Woolford
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Keith, I think that's a model of how pricing of crude oil around the world affects Panama, rather than where our deliveries originate.  Those are names of index price points for the type of crude oil and then the location of the refined products.   Those indexes are the wholesale price of that type of product at that location.  The real price is based on the index plus whatever it costs to get the product actually delivered to a consumer location.  There is no way in the world that it would make economic sense for Panama to import gasoline from Rotterdam in the Netherlands. Sure, there are refineries there, but the shipping costs would be enormous to Panama.  Same for Singapore.  The indexes do have a subtle effect on each other, but they always differ based on local market conditions.

Panama is getting its fuel from the cheapest sources available, just like every other country which has to import fuel. North American refinery capacity just took a big temporary hit. Pipelines cross national borders.  I don't know, but I'll bet Toronto gets a lot of its gasoline from the refineries in the US.  It's a global market, but local conditions of supply and demand is what sets the price at any given moment. 

Right now, the price of oil is falling, but the price of gasoline is rising.  Why?  Because those refineries shut down by the hurricane are not buying right now. Less global demand for unrefined crude oil, so prices fall. But there's less gasoline being produced globally because of this, so gasoline prices will rise.  That's not a conspiracy, that's just how markets for commodities work. 

What we are seeing right now is a temporary condition. The refineries certainly don't want to be shut down. If the refineries aren't heavily damaged and can get back online in a couple of weeks, it really won't matter too much.  Gasoline costs will drop to pre-storm levels and any effect in Panama would be short-lived.

 

 

Edited by Uncle Doug
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Uncle Doug,

Interesting

32 minutes ago, Uncle Doug said:

Right now, the price of oil is falling, but the price of gasoline is rising.  Why?  Because those refineries shut down by the hurricane are not buying right now. Less global demand for unrefined crude oil, so prices fall. But there's less gasoline being produced globally because of this, so gasoline prices will rise.  That's not a conspiracy, that's just how markets for commodities work. 

 information. You must have been connected to the fossil fuel industry in your previous employment life. 

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58 minutes ago, Uncle Doug said:

What we are seeing right now is a temporary condition. The refineries certainly don't want to be shut down. If the refineries aren't heavily damaged and can get back online in a couple of weeks, it really won't matter too much.  Gasoline costs will drop to pre-storm levels and any effect in Panama would be short-lived.

Thanks Doug.

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I'll bet Toronto gets a lot of its gasoline from the refineries in the US.

Yes, probably so and that's what irks me. Shipping crude oil south to return as refined fuel might make better economic sense but it's at the cost of energy independence.

Edited by Keith Woolford
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Hurricane Harvey hikes Panama gas prices

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PANAMA motorists will feel the delayed effects of Hurricane Harvey from  Friday, Sep. 15 as gasoline record their biggest price jump in years.

The Energy Secretariat reported Wednesday,  Sep. 12 that  prices will increase 13 cents a liter for 95 octane gasoline; 6 cents a liter for  91 octane gasoline and diesel approximately 5 cents a liter,

A liter of 95 octane gas will cost 89 cents, 91 octane 79 cents and diesel 67 cents in Panama City.

Elsewhere in the country prices will be higher, depending on the distance from the original distribution center.

The prices will remain in effect until September  29

According to the Secretariat, the increase is due to the ravages of Hurricane Harvey in the Gulf of Mexico in the United States.

“It should be noted that the fuel distribution companies operating in Panama buy gasoline and diesel from refineries affected by the climatic events recorded weeks ago,” the authority said.

The supply of gasoline in all its variations will continue on a regular basis and the ships carrying fuels arrive to our country with normality, the sources added.

Hurricane Harvey closed a quarter of US refineries and 8% of the country’s oil production in South Texas, one of the main centers of its oil sector

 

http://www.newsroompanama.com/news/panama/hurricane-harvey-spirals-panama-gas-prices

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Central America: Fuel Prices up to October 9th

Price of gallon of regular gasoline: Costa Rica $3.97, Nicaragua $3.58, Honduras $3.45, Guatemala $3.02, El Salvador $3.01 and Panama $2.83.

Monday, October 9, 2017

 

From a report by the Ministry of Economy of El Salvador

Capture.PNG

Current supply price fluctuations are due to the fact that it was announced that the number of active oil rigs in the United States is to rise for the first time in the last seven weeks to 750.  Likewise, there have been increases in inventories of US gasoline. (1.6 million barrels, data from the US Department of Energy) as a result of the reactivation of production in the Texas fields, while distillates and diesel show drops in their inventory (2.6 million barrels, data from the US Department of Energy) causing international prices to rise.  

 

Price in dollars Regular Special Diesel
El Salvador 3.01 3.29 2.65
Guatemala 3.02 3.20 2.58
Honduras 3.45 3.97 3.15
Nicaragua 3.58 3.75 3.13
Costa Rica 3.97 4.16 3.34
Panama* 2.83 3.05 2.56

*Data taken from Acodeco.gob.pa

 

https://www.centralamericadata.com/en/article/main/Central_America_Fuel_Prices_up_to_October_9

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Gasoline prices down again Friday

Posted on October 11, 2017 in Panama

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A SECOND successive reduction the price of gasoline in Panama will push the cost of 95 octane below  $3 a gallon to $2.91. and  91 octane to $2.75 on Friday, October 13.

95 octane gasoline will decrease by $.035 a liter or 13 cents a gallon, while the 91-octane will d a slight decrease of $0.005 a liter and the gallon $0.018, according to the National Secretariat of Energy.

 

http://www.newsroompanama.com/news/panama/gasoline-prices-friday

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Central America: Fuel Prices up to November 6

Price of gallon of regular gasoline: Costa Rica $3.99, Nicaragua $3.58, Honduras $3.42, Guatemala $3.06, El Salvador $3 and Panama $2.83.

Monday, November 6, 2017

From a report by the Ministry of Economy of El Salvador:

The current reference prices are experiencing increases in all petroleum products (gasoline and diesel) due to the positive outlook for global fuel demand, and a decline in reserves, together with the expectations of the next meeting of the OPEC (Organization of Petroleum Exporting Countries) at the end of November in Vienna.

 

Capture.PNG

The strategic inventories of gasoline in the North American country were reduced by approximately 4 million barrels in the last week due to maintenance of oil pipelines in the Houston area, which transports the fuel to the northern part of the country; while diesel and distillates fell by a smaller scale by 320,000 barrels in the last week, but heating consumption has caused prices to continue to rise.
 

Price in dollars Regular  Special Diesel
El Salvador 3.00 3.19 2.69
Guatemala 3.06 3.24 2.64
Honduras 3.42 3.78 3.13
Nicaragua 3.58 3.79 3.13
Costa Rica 3.99 4.18 3.36
Panama* 2.83 3.05 2.56

*Data taken from Acodeco.gob.pa

 

https://www.centralamericadata.com/en/article/main/Central_America_Fuel_Prices_up_to_November_6

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