gaspricesTODAY PANAMA – The government has announcement a 5-cent increase per litre of gasoline to financially support increased subsidies proposed for 200,000 pensioners, aroused confronted reactions.

Many of those benefiting from the proposal, thanked President Juan Carlos Varela for having taken them into account, while describing the increase as a help.

Others, while also expressing gratitude, own cars and said that what they receive from one side they would have to pay it on the other.

At a time when world oil prices have a downward trend and countries are saving large amount of money, questions on social networks are: where does the money saved by the Panamanian Government go to? And why keep raising the price?

The measure would lead to increased additional revenue of $100 million USD a year, of which US$80 million would be taken to raise pensions and US$20 million to strengthen the Program for Disability, Old Age and Death (IVM) of the Fund for Social Security (CSS), said the Ministry of Economy.

Meanwhile, Ricardo Sotelo, president of the Union of Industrialists of Panama, said that there should be “more creative ways to raise taxes to those that already pay them”.

A litre of regular gasoline (91 octanes) will cost US$0.668 cents, while super (95-octane) will cost US$0.713 cents and a diesel US$0.623 cents, said the National Energy Secretariat.

Via Todaypanama.com