Friday 3 February 2023

Fuel prices rise in Nicaragua; gov’t absorbs some of the increases

So far this year there have been eight weekly increases.

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3 February 2023 - At The Banks - BCCR

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Q24N – The price of a gallon of super and regular gasoline registered a new rise in Nicaragua on Sunday, the Ministry of Energy and Mines and the Nicaraguan Institute of Energy (INE) reported this Saturday.

The price of a US gallon (3.78 liters) of super gasoline went from US$5.05 to US$5.19 dollars and that of regular from US$4.93 dollars to US$5.07 dollars, according to a joint statement from both state entities, released by the Nicaraguan Government.

Diesel fuel prices remained the same.

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The Ministry of Energy and Mines, and the INE, explained that the increase in the gallon of gasoline would have been greater, however, the Government decided to assume US$0.19 dollars of that increase in the case of the super and US$0.15 dollars in the case of regular.

Meanwhile, the price of a gallon of diesel, the most used by freight transport and public transport, will remain at US$4.58 dollars.

“According to international prices, the price of diesel for the following week should increase by 22.30 córdobas (US0.62 dollars), however, our Government has decided not to increase the price and assume 100% of the increase,”  indicated the entities.

Read more: The current prices for gasoline and diesel fuels; LPG.

As for liquefied petroleum gas (LPG), which is what Nicaraguan households use in their kitchens, its prices will be the same as last week.

The entities said the increase that was planned for LPG will also be absorbed by the Executive.

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So far this year there have been eight weekly increases and one drop in the price of regular and super gasoline, and nine increases in the price of diesel in Nicaragua, according to INE data.

Authorities explained that the high price of fuel in Nicaragua is due to the “constant increase that international prices for oil and its derivatives have had since the beginning of 2021.”

“The Government of Reconciliation and National Unity will henceforth continue to permanently monitor the behavior of international prices and the rest of the variables that make up the price of fuels, and the corresponding actions and measures will be taken to mitigate the impact of the increase of these prices in the economy of Nicaraguan families,” said the Ministry of Energy and Mines, and the INE.

Fuel prices are established weekly by distribution companies based on variations in international prices of these derivatives, “that is, these prices are not regulated by the State,” confirmed the INE on its website.

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Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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