After a sign of relief of several months of declining gasoline prices, the trend has reversed. During the last thirty days, the price of gasoline has increased twice. Government officials said, the hike was due to tight gasoline inventories triggered by the recent war in Gaza. The military operation in Gaza has ended, however gasoline prices recently increased last Saturday.
This new situation send shivers up my spine, since it reminds me of gasoline prices reaching over $4.00 a gallon last year. New prices for gasoline will not be approved by Panama government for the next 15 days. In that time frame, anything can happen.
Yesterday, as I drove to take my wife to work, this is what I saw at the Esso service station a couple of blocks from my home at El Bosque, Tumba Muerto:
Oops! There’s a missing number for the price of Premium Gasoline; it should be $2.31. The current prices are:
- Super Diesel: $2.05 per U.S. gallon
- Regular Gasoline (92 Octane): $2.14 per U.S. gallon
- Premium Gasoline (95 Octane): $2.31 per U.S. gallon
Incidentally, I also noticed how the grass at the bottom of the Esso sign has turned yellowish-brown. We are in the second month of the dry season and the sun is making its presence known. I hate steamy hot weather.
We are expecting an impact of the U.S. recession in Panama anytime soon, specially a decrease of vessels transiting through the Panama Canal. Increased gasoline prices will not make things easier in this uncertain economic escenario. Good Day.