2008News

Twelve weeks and counting!

Fuel prices in the Dominican Republic have gone down for the twelfth week in a row. The exception was propane gas, LPG, which remained at RD$50.00 a gallon, unchanged from last week.

New prices for both types of gasoline and diesel and for Avtur and kerosene all reflect the changes in international oil prices. The Ministry of Industry and Commerce (SEIC) set the new prices as follows: Premium, RD$115, Regular gasoline, RD$105 a gallon, Regular Diesel was set at RD$100 a gallon and Premium Diesel was put at RD$107.

Aircraft fuel or Avtur was set at RD$75.04 a gallon, down RD$1.36. Kerosene, still popular in many regions, was priced at RD$94 a gallon, a RD$2.10 reduction.

The SEIC press release indicated that international fuel prices had been subject to significant reductions according to reports from Platts and Opis Lpg that are used, according to El Nuevo Diario, as references for setting the price of fuel in the Dominican Republic.

The note adds that there is nervousness about a greater decline in the demand for oil with a worldwide recession looming on the horizon, which will reduce the demand for oil even further, and for this reason, prices continue to fall.

Sharp declines in the stock markets and more economic news that enhanced pessimism kept prices near the four-and-a-half year lows ahead of the Christmas and New Years holidays.

The Euro gained strength against the dollar because expectations regarding a lowering of interest rates in the “Euro-zone” were reduced. .

Forecasts on figures from the United States showed that there was an increase in crude oil reserves for the third week in a row, and this also served to depress the price of oil.