The price at the gasoline pump could drop by 10 to 12 cents per gallon after the recent announcement of a lower price for Texas Intermediate (WTI) oil, according to estimates from United Retail Center (CUD) Gas Station Commission Chairman Carlos Crespo.
“(The drop) can be 2 or 3 cents (a liter), which is 10 or 12 cents a gallon,” first hour
However, this drop could be reflected in gasoline garages tomorrow or the day after tomorrow, as wholesalers wait at least two days for a price drop to be identified.
“It’s a fairly big first drop, but until tomorrow or the day after tomorrow we won’t see that reflect on the wholesalers,” Crespo said.
“Remember that they (the wholesalers) always come with the excuse that they are buying at the future price and if the future price goes up tomorrow, well, there is no going down. If it is two days in a row, they are obligated (to lower the prices),” he explained.
Meanwhile, the head of the Gasoline Retailers Association, Esdras Vélez, shyly celebrated the drop in the price of oil, because although he considered it something positive, like Crespo, he emphasized that the price at the local pump depends on the wholesalers.
“At least, everything looks positive to avoid this whole economic situation,” Velez told this newspaper.
“That (the price at the pump) doesn’t depend on the retailers, it depends on the wholesalers and that is the science we always raise. We (the retailers) are not importers of the product. They just give us the product and we get the invoice and we don’t know the price up front.”
The price of West Texas Intermediate crude fell on Tuesday on fears of an economic recession and fell below the $100 barrier within hours of closing the trading session.
According to the EFE news agency, at 11:40 a.m. in New York, West Texas Intermediate crude futures for August delivery were down more than 9% and were at $98.42 a barrel.
This is the first time since May 11 that benchmark oil in the United States is trading at less than $100 as a result of a sharp fall that analysts link to the growing fear of a recession that could hurt demand for crude.
In Puerto Rico, the five companies importing gasoline are: Puma Energy, Total Energy, and Sol Petroleum de Puerto Rico/Shell Trading Co. and Peerless Oil and Best Petroleum. Similarly, there are four other non-importing companies: BVI Cabo Rojo Gas, American Petroleum, Toral and Bitas Fuel.
Today, the Department of Consumer Affairs (DACO) has specified that the maximum prices at the pump for regular gasoline by brand are: 119.7 (American Gas), 120.7 (Ultra Top Fuel), 121.7 (Puma), 121.7 (76), 121.7 (Phillips 122.7) Bay), 122.7 (Tural), 122.7 (Texaco), 123.7 (Beta), 123.7 (Eco Max), 124.7 (Shell), 125.7 (Total).
Meanwhile, the premium price is: 125.7 (American Gas), 134.7 (Superior Fuel), 133.7 (Tural), 135.7 (Eco Max), 136.7 (76), 136.7 (Philips), 137.7 (Beta), 137.7 ( Bay), 141.7 (Puma), 143.7 (Total), 143.7 (Texaco) and 144.7 (Shell).
Similarly, diesel is found in: 127.7 (American Gas), 127.7 (Ultra Top Fuel), 129.7 (Puma), 129.7 (EcoMaxx), 129.7 (Bita’s), 131.7 (Texaco), 132.7 (Toral), 133.7 (Shell), 140.7 (Total), 141.7 (Gulf), 141.7 (76) and 141.7 (Philips)
“What is happening in the world market helps us, it will give us comfort, but this is not the management done by the government, nor the management done by a minister (DACO), it is a matter of the economy, because the market regulates itself,” Velez noted.