With the first price announced by President Laurentino Cortizo, at $3.95 per gallon, a contribution of $100 million had been estimated, but with the new agreement reached with the organizations that keep the roads closed, to set the price per gallon at $3.25, the amount of state contribution will be $200 million.
Government will contribute $200 million in three months for the fuel subsidy. Photo: Illustrative
The Cabinet Council approved resolution 80 of July 18, 2022, through which $200 million will be provided to the Land Traffic and Transportation Authority, the Ministry of Agricultural Development and the Panama Maritime Authority to stabilize the price of fuels at $3.25 the gallon
Through this resolution, which modifies resolution 60 of May 19, 2022, the Cabinet authorizes the Ministry of Economy and Finance to carry out the procedures and budgetary actions to stabilize the price of gasoline and diesel for three months under in sulfur for use in public passenger transport, commercial and private fleet, among others. The validity of the fuel price at $3.25 is from July 18, 2022 to October 18, 2022, subject to price variations reflected in the international market.
With the first price announced by President Laurentino Cortizo, at $3.95 per gallon, a contribution of $100 million had been estimated, but with the new agreement reached with the organizations that keep the roads closed, to set the price per gallon at $3.25, the amount of state contribution will be $200 million.
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