The government announced that it has earmarked RD$1.8 billion this week, the largest amount granted in subsidies to date, to contain the price of all fuels, avoiding increases of up to 100 pesos per gallon in gasoline.
The new amount amounts to RD$18.816 million accumulated since March, when the Government decided to apply a fuel subsidy program, keeping prices unchanged at the level of March 4, as long as the barrel of oil remains in a range between 85 and 115 dollars per barrel.
The Vice Minister of Internal Trade, Ramón Pérez Fermín, explained that as of Wednesday, June 8, the international price of WTI averaged US$119.15, for an increase of 4.6% compared to the previous week. “This increase gives us an accumulated, so far this year, of 50.1%, given that oil has come to quote up to 130.50, numbers not seen since 2008”, he said.
He recalled that the extraordinary fuel subsidy began in early March, after President Luis Abinader announced a series of measures, which included not increasing the cost of hydrocarbons as long as the price of Texas oil, a reference for the country, remained above US$85 a barrel and below US$115.
“Thanks to savings, planning and the government’s commitment to maintain price stability, extraordinary subsidies have been applied for more than RD$18,968 million so far in 2022,” added Pérez Fermín.
He stressed that with this measure Dominicans have saved 83.21 pesos for each gallon of Premium Gasoline, 90.83 pesos for each gallon of Regular Gasoline, 92.14 pesos for each gallon of Regular Gasoil and 10.31 pesos more for each gallon of LPG for almost four months.
“Without this extraordinary subsidy, Premium Gasoline today would cost RD$376.81, Regular Gasoline today would cost RD$365.33, Regular Gasoil today would cost RD$313.74, Optimo Gasoil today would cost RD$331.02 and LPG today would cost RD$157.91. I reiterate: The government will assume 100% of the increases, at a cost of 1,800 million pesos, protecting the economy of Dominican households and families,” the deputy minister pointed out.
For the week of June 11 to 17, 2022, premium gasoline will remain at RD$293.60 per gallon, regular gasoline continues at RD$274.50, regular diesel continues at RD$221.60, the optimum rate remains at RD$241.10 per gallon and avtur maintains its price of RD$298.91 per gallon.
Oil closed the session at 120.67 dollars a barrel
Kerosene continues at RD$338.10, fuel oil #6 continues at RD$192.11 and fuel oil 1%S remains at RD$211.77. Liquefied petroleum gas (LPG) maintains its price at RD$147.60 per gallon and Natural Gas maintains its price at RD$28.97 per cubic meter. The price of Texas intermediate oil (WTI) fell 0.69% yesterday and closed at 120.67 dollars, coinciding with the new restrictions imposed in China due to the appearance of new cases of covid-19
