Gas Prices Falling This Friday
Fuel prices are coming down today by as much as 10 cents a gallon for gas with 95 octane rating, the Panamanian National Secretariat of Energy announced Wednesday.
In Panama City, Octane 95 drops to $0.679 per liter, or $2.57 a gallon; Octane 91 $0.639 per liter, or $2.42 per gallon; and diesel to $0.576 per liter, or $2.18 a gallon. Gas and diesel prices rise as you move further away from Panama City with prices reaching as high as $0.729 per liter, or 10 cents higher, in Changuinola.
| City | 95 Octane | 91 Octane | Diesel |
|---|---|---|---|
| Panamá | $0.679 | $0.639 | $0.576 |
| Colón | $0.679 | $0.639 | $0.576 |
| Arraiján | $0.682 | $0.642 | $0.579 |
| La Chorrera | $0.682 | $0.642 | $0.579 |
| Antón | $0.684 | $0.645 | $0.581 |
| Penonomé | $0.687 | $0.647 | $0.584 |
| Aguadulce | $0.687 | $0.647 | $0.584 |
| Divisa | $0.687 | $0.647 | $0.584 |
| Chitré | $0.692 | $0.653 | $0.589 |
| Las Tablas | $0.695 | $0.655 | $0.592 |
| Santiago | $0.687 | $0.647 | $0.584 |
| David | $0.700 | $0.660 | $0.597 |
| Frontera | $0.703 | $0.663 | $0.600 |
| Boquete | $0.703 | $0.663 | $0.600 |
| Volcán | $0.705 | $0.666 | $0.602 |
| Cerro Punta | $0.708 | $0.668 | $0.605 |
| Puerto Armuelles | $0.711 | $0.671 | $0.608 |
| Changuinola | $0.729 | $0.689 | $0.626 |
Gas Prices in Panama. Prices are per liter. 1 Gallon = 3.785412 liters.
Prices of the imported gas and diesel are higher in Panama than in the United States, but Panama consistently maintains the lowest retail prices in Central America. The latest data from the Central American Committee for Cooperation on Hydrocarbons (CCHAC) show that Costa Rica charges the most for gas ($3.91 per gallon of 95 octane), followed by Honduras ($3.48), Nicaragua ($3.38), Guatemala ($2.95), El Salvador ($2.93), and Panama ($2.67).
Retail Gas Prices Comparison in Central America
(Nov. 13-19, 2016, Per Gallon in USD)
95 Octane
- Costa Rica ($3.91)
- El Salvador ($2.93)
- Guatemala ($2.95)
- Honduras ($3.48)
- Nicaragua ($3.38)
- Panama ($2.67)
91 Octane
- Costa Rica ($3.73)
- El Salvador ($2.72)
- Guatemala ($2.75)
- Honduras ($3.22)
- Nicaragua ($3.23)
- Panama ($2.54)
Diesel
- Costa Rica ($3.15)
- El Salvador ($2.40)
- Guatemala ($2.28)
- Honduras ($2.81)
- Nicaragua ($2.80)
- Panama ($2.23)
Source: Central American Committee for Cooperation on Hydrocarbons
HOW ARE FUEL PRICES CALCULATED?
The Panamanian National Secretariat of Energy, which reports directly to the president, calculates and publishes new retail gasoline and diesel prices every two weeks. More than 90 percent of that calculation is based on the average price of a U.S. Gulf Coast barrel as published by S&P Global Platts.
Other variable costs include maritime insurance, transport costs, waste, and lines of credit, while fixed costs include operating expenses and profit margin of the terminal.
Critics of the pricing model have called for a revision of the formula, saying that imported oil may not always come from the Gulf Coast of the United States and that the per-barrel cost should not be based on a single location.
In order to promulgate the updated retail gas and diesel prices, the energy secretariat issues a two-page resolution, which is signed by the undersecretary of energy and hand-stamped. An authenticated copy of the resolution is then scanned and published in the Official Gazette.
Resolution 3152 of the National Energy Secretariat that sets gas and diesel prices in Panama for the next two weeks.
