The price of intermediate oil from Texas (WTI) rose 1.4% yesterday and stood at 113.90 dollars a barrel, the range located between 85 and 115 dollars on which the government promised to subsidize fuels so as not to affect consumers with the increases abrupt.
This subsidy will make the Government have to allocate RD$ 1,150 million to avoid charging consumers for the increases, for the week of March 26 and until April 1, 2022.
But when looking at the issue in an expanded way, between January and March, the sacrifice that has had to be incurred totals RD$5,563 million. This is so because in the first month of the year the number was RD$1,247 million, in February RD$1,710 million and in this month of March the total amount reaches RD$2,696 million.
The Ministry of Industry and Commerce, in the explanations offered yesterday, when it sent to the press the details of its decision to leave fuel prices unchanged, indicated that on Wednesday, March 23, the international price of WTI averaged US$109.30, for a significant increase in relation to the average of the previous week. The markets oscillated between 102 dollars, as a minimum value, and 114 dollars per barrel as the highest value quoted in the week.
According to what was expressed by the Deputy Minister of Internal Trade, Ramón Pérez Fermín, “the most compromising issue continues to be the war in Ukraine, which has already been in force for a month, causing an indiscriminate rise in prices, reaching the price of WTI in the $130, prices not seen since 2008.” “The prices commanded by the international market were going to be devastating,” warned Pérez Fermín. He calculated that “he sent increases of between 20 and 86 pesos in the different fuels.”
From his point of view, the Government acts in this difficult moment with responsibility and determination, once again assuming 100% of these dramatic increases, preserving prices for at least one more week, thus avoiding affecting the pockets of all Dominicans. .
The current prices are these: premium gasoline costs RD$293.60 per gallon, regular RD$274.50 and regular diesel RD$221.60. Optimum diesel costs RD$241.10 and Avtur RD$249.53. Kerosene is sold at RD$284.90, fuel Oil #6 at RD$192.11 and fuel Oil 1%S at RD$211.77. In the case of a gallon of liquefied petroleum gas, its price is RD$147.60, and natural gas costs RD$28.97 per cubic meter.
It started down, but in the day it tilted up
The US benchmark oil had started the day lower on Friday but became more expensive after reports of a fire at the facilities of the state-owned Aramco in the Saudi city of Jeddah, in a missile attack claimed by the Houthi rebels. With yesterday’s turnaround, Texas crude closed the volatile week with a revaluation of almost 8%. The last month, marked by the war in Ukraine, the rise rises to 23%.
