DR1 Daily News - Dominican Republic

Dominican consumers are facing a sharp increase in fuel costs as international oil prices hit US$100 per barrel due to Middle East volatility. The Ministry of Industry, Commerce (MICM) announced that premium diesel has risen to RD$257.10 and regular diesel to RD$239.80, both reflecting a RD$10.00 per gallon increase. To prevent further social unrest, the government has announced a temporary subsidy plan, though opposition leaders Leonel Fernández and Francisco Javier García have criticized the move as insufficient given the current fiscal strain.

Meanwhile, the country could experience relief as reports are that the price of fuel has dropped to US$88 per barrel. In a significant shift for the Dominican energy sector, the price of West Texas Intermediate (WTI), the regional benchmark, has retreated to US$88 per barrel this morning. This follows a volatile week when prices...