The Ministry of Industry and Commerce announced a slight reduction in the price of fuel. Unleaded gasoline will now sell for RD27.90, leaded for RD$22 and gasoil, for RD$12.90. If the government had not authorized the price reduction, it would have received an additional RD$1,800 million in fuel tax income, according to a report in the Listín Diario. The government also reduced aviation fuel (Avtur) to RD$16.30. Alex Santana, president of the Airlines Association, said that the decline was merely US$0.03 per gallon, which is insignificant compared to reductions made in other countries. International news reports indicate that the price of fuel has declined to its lowest in the past nine years and that it will continue to drop, due to an excess in production and internal problems with the Organization of Petroleum Exporting Countries. Press reports indicate that fuel was being sold for US$11.83 the barrel on international markets. Reportedly, the Dominican Republic purchases its fuel for US$11 per barrel, under the Acuerdo de San José, from Venezuela and Mexico. The D.R. is purchasing fuel at half the price paid in 1996, when the government significantly increased prices to RD$20 the gallon of leaded gasoline. The price reductions will be effective Wednesday, 18 March, at 6 am.
