The volatility of the international commodity markets, especially petroleum and its derivatives, has tasked the Dominican government to assess the situation seriously. Minister of Hacienda and Economy, Magin Diaz, has stated that this is a serious crisis, and it will have a direct effect on the Dominican Republic.
The statement came after an all-hands meeting with President Abinader, the Vice President, Raquel Peña, and all of the cabinet in attendance. Minister Diaz noted that the barrel of oil had increased by as much as 70% in a question of days, and, in answer to this, the government has laid out three points: the preservation of macro-economic stability; guarantee fiscal sustainability; and protect social stability.
During the meeting, the government discussed setting aside RD$12.0 billion as a fuel subsidy based on the budgeted projection of West Texas Intermediate (WTI), the reference for fuel prices in the Dominican Republic. Nevertheless, given the sudden continued increase in oil prices across the world, the government has identified another RD$10.0 billion to further ease the pain at the fuel pumps.
However, the reality has been that fuel prices have gone way up, by RD$15 pesos a gallon, a move that Diaz said was to protect the most vulnerable.
Another issue is fertilizers, that are a sub-product of petroleum, and as a result of Iran’s threats regarding the Strait of Hormuz, prices have risen by US$40.
However, the minister said that the government has set aside RD$1.0 billion in order to guarantee a three-month supply of this item.
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Ministry of Hacienda and Economy
Ministry of Hacienda and Economy
23 March 2026