The economist and director of Economic Affairs of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap), Manuel Ferreira, explained the impact of the increase in oil in Panama.
He asserted that Panama at the end of the day is a net importer of fuel, since we do not have local production, therefore, what happens with the prices of oil and its derivatives has a direct impact on us.
“The reality is that from Wednesday to this Friday prices have been falling, the prices that we use here as a reference, which is WTI, are at 107, let’s say that this is positive news that it begins to fall. We are still above of 100 dollars a barrel and that has a multiplier effect in different sectors, as the agricultural inputs that are derived from these products increase and in turn, they make food go up at the end of the day,” he explained.
He specified that the entire supply chain, all logistics: ships, trucks, cars, etc. When fuel prices rise, this has a direct impact on the final prices of goods. “This is being combined with the rise in freight rates, the cost of shipping containers and the delay in supply due to the lack of containers worldwide,” Ferreira said.
