Fuel Prices to Rise as Oil Prices Soar, Dominican Government Offers Subsidies

Gasoline, diesel, and Avtur prices are expected to increase in the next seven days due to skyrocketing oil prices. However, limited increases will be offset by state subsidies of around 300 million pesos, according to the Ministry of Industry, Commerce, and Mipymes. Starting from July 29 to August 4, the price of premium gasoline will rise by 1.50 pesos per gallon to 293.10 pesos, while regular gasoline will be sold at 274.50 pesos, a 1.00 peso increase. Diesel prices will also see a slight increase, with the regular gallon being priced at 221.60 pesos, up 1.00 peso, and optimum reaching 239.10 pesos, up 2.00 pesos. Additionally, the price of Avtur, used in aviation, will increase by 10.09 pesos to 200.57 pesos per gallon. The prices of kerosene, Fuel Oil #6, and Fuel Oil 1%S will remain stable at 248.10 pesos/gallon, 153.61 pesos/gallon, and 173.27 pesos/gallon, respectively. Liquefied Petroleum Gas (LPG) will remain stable at 132.60 pesos per gallon, and natural gas will be priced at 43.97 per cubic meter. Ramón Pérez Fermín, the Vice Minister of Internal Trade, expressed concerns over the rising international oil prices, which have increased by 12% in July alone. To mitigate the impact on the economy, the government has decided to subsidize fuel prices with 300 million pesos. The exchange rate for the week is set at RD$56.21 as per the Central Bank.