The collapse of demand for fuel is leaving the Dominican Oil Refinery without work to do. Felix Jimenez, president of the Refineria Dominicana de Petroleo, explained that the three tanks with capacity for 900,000 barrels of oil located in Nizao, Peravia province are full of fuel. He said refining activities have been suspended. Jimenez says fuel sales are down 40% in April 2020 compared to April 2019. He estimates sales of fuel in this May will be 50-60% less than in May 2019.
He said the country was not able to take advantage of the plummet of world fuel prices because the oil storage capacity was full.
He said it would have been a big mistake to purchase futures as had been suggested weeks ago. “Fortunately we don’t play at speculation,” he said.
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Listin Diario
23 April 2020