Diesel also reflects a strong rise. These are the reference prices until next March 21.
Consumers will experience a new blow to their pockets starting today: fuel prices soar once more with increases of between $0.21, $0.23 and up to $0.26 per gallon, according to data released by the Ministry of Economy.
With an increase of $0.21, the cost of regular gasoline in the central zone will reach $4.43, in the west it will cost $4.44 and in the east of the country its value will be $4.47.
In the case of superior gasoline, the variation is $0.23, so that a gallon in the central zone will cost $4.59, in the West its price rises to $4.60 and in the Eastern zone it will reach $4.63.
While diesel will reflect a stronger increase, as it will rise between $0.25 and $0.26 per gallon. For example, in the central zone of the country it will cost $4.24 starting tomorrow; in the West it will cost $4.25 and in the East $4.28.
CAN READ: Gallon of fuel would reach $5, warns economist
These prices will be in force from this Tuesday until March 21 when the Economy returns to update the reference prices that will be dispensed at service stations.
This is the fifth fuel price increase and the most significant so far this year. In addition, according to the records, Salvadorans had not paid those prices for a gallon of diesel or gasoline for seven years.
The hydrocarbon expert, Julio Villagrán, believes that if this trend continues, it is likely that a gallon of special fuel will reach $5 in the coming months, which has not happened since 2014.
These rises in fuel prices are derived from the rise in oil prices at the international level.
The barrel of West Texas Intermediate (WTI) for May, which serves as a reference for El Salvador, rose on Sunday to $130.50 and yesterday, Monday, closed at a price of $119.40 following a volatile session marked by the war in Ukraine and the economic sanctions of the United States. Western countries once morest Russia.
A barrel of oil is close to $140, close to its record, driven by the Russian invasion of Ukraine
Invasion of Ukraine
Russia’s invasion of Ukraine has aggravated the prices of oil and its derivatives.
According to the analysis of the Ministry of Economy, although for the moment, the economic sanctions that are being imposed on Russia have not been directly focused on hydrocarbons, the fear that the conflict will take a long-term course suggests that these sanctions would also be transferred to hydrocarbons.
“The above would generate a context of scarcity, since Russia is the third largest oil producer in the world and the largest exporter in Europe. Exports from this country represent 12% of world oil trade, and, in turn, supplies 15% of trade in refined products worldwide,” the institution explained in a statement.
Likewise, OPEC and non-allied countries led by Russia, agreed to keep the increase limited to 400,000 barrels per day of oil for the month of April. Because this limits supply and in the face of increasing demand, this decision further pushed international oil prices and its derivatives higher, thus consuming the reserves of the producing countries.
Finally, the latest report provided by the International Energy Agency (IEA) reported that oil reserves fell by 2.60 million barrels, while gasoline showed a decrease of 468,000 barrels and diesel of 573,000 barrels in its reserves.
The United States continues to evaluate drastic measures regarding the supply of oil.
???? We inform the reference prices of the #CombustibleSV per gallon, valid from March 8 to 21, 2022. ⛽????????
Remember, each gas station decides the final price of fuel.
You decide where to fill gas! pic.twitter.com/ywDXQpQf2j
– Ministry of Economy (@EconomiaSV) March 7, 2022
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