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El Salvador pays highest oil price in 2022

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Fuel prices were set between April and December 2022.

Fuel prices were set between April and December 2022.

The oil bill will break records in 2022, making it the most expensive ever recorded by the Central Reserve Bank (BCR).

Imports of gasoline, diesel, propane gas and lubricants will exceed $2.673 billion at the end of 2022. This figure was not seen in his 1994 BCR record 28 years earlier.

Crude oil imports rose by $867 million at the end of last year, up 48% from 2021, according to the agency.

‘Black gold’ saw several gains throughout 2021 but would fall short without a second global supplier, Russia’s quota of crude oil, after the conflict between Ukraine and Russia began last year. I fell because I was afraid.

This has pushed the Central American benchmark West Texas Intermediate (WTI) barrel above the $120 level to its most expensive value in decades. As a result, for the first time, Salvadoran specialty gasoline cost him over $6 a gallon, but consumers didn’t realize the value because of the pricing.

The recovery in the amount paid for oil bills has been out of line with imports of oil and its derivatives, with growth much slower at just 3.9%. The central bank reports that 2,822.8 million kilograms have been purchased, an additional 105.6 million kilograms compared to 2021.

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Petrol and diesel are the top.

With over 1.6 million vehicles (between passenger cars and motorcycles) imports of gasoline and diesel oil were the most imported derivatives throughout 2022.

The central bank reports gasoline imports reached $910.7 million at the end of last year. This equates to his 34% of total oil bills. This derivative purchase increased him by $295.9 million compared to 2021, representing a 48.1% year-on-year growth.

Diesel oil purchases were $806.7 million, an increase of $344.5 million (74.5% increase) compared to 2021. This derivative accounts for another 30% of oil prices.

Propane gas was the third-largest derivative imported, worth up to $328.3 million at the end of last year. According to the agency, what was paid increased by 10%, but volume fell by 1.8%.

On the other hand, fuel oil (Bunker C used to generate energy) imports registered a decline in both value and volume. BCR reports that he was paid $97.7 million for the 184.1 million kilograms of this derivative.

Lubricants and greases were $121.9 million, an increase of $24.6 million (25.2%) compared to 2021, but volume decreased by 5.3%.

According to BCR, the United States is the leading supplier of crude oil derivatives, participating in 90% of imports.

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Fuel prices rise between $0.16 and $0.29 this week

The Directorate General of New Energy, Hydrocarbons and Mines (DGEHM) yesterday announced new reference prices for the fuel, which rose sharply between $0.16 and $0.23 over the two-week period from 24 January to 6 February.

Superior gasoline will receive the most aggressive adjustments, up to $0.28 in the Central and Western Zones and $0.29 in the East, according to the agency. Thus, the service station should sell gallons at $4.37, $4.38, and $4.42.

Regular gasoline goes up $0.23 nationwide. Gallons are based on $4.19 in the Central Zone, $4.20 in the West, and $4.24 in the East.

Low-sulphur diesel is the most expensive fuel, recording an increase of $0.16 to $0.17. A gallon will sell for $4.64 in the Central Zone, $4.65 in the West, and $4.68 in the East.

The directorate explained that the upward fuel adjustment is in response to the increase in diesel consumption in the north due to the arrival of winter. Increases recorded after the resumption of China’s industry and restrictions on production in oil countries also play a role.

Source: Diario.Elmundo

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