Chileans must deal with a new increase in fuel prices for this week. Gasoline —the name by which gasoline is known in the South American country— registers a new increase in its value, in a variation that includes diesel, which soars in value. The National Petroleum Company (Enap) confirmed this Wednesday the increase, which has been implemented at service stations [bencineras or gas stations] this Thursday, August 20.
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The Minister of Finance, Jorge Quiroz, had anticipated the increase in fuel prices, an increase mainly explained by the concern of international markets, which remain uncertain about the future of the war between the United States and Israel against Iran. The distant possibility of reaching a definitive peace agreement caused oil to mark a 7% increase at the close of the market on Monday and made the brent barrel exceed 89 dollars.
How much do gasoline prices rise this week in Chile
Enap has confirmed that 93 and 97 octane gasoline registers an increase of 34.8 pesos (0.035 dollars) per liter. The 95 octane gasoline, which is also available on the market, is sold at an average value between the 93 and 97 octane grades.
When does the price change take effect
The change in fuel prices is reported on Wednesdays and takes effect at midnight on Thursday. The modification of prices at gas stations is not always immediately reflected, as some distributors prefer to exhaust the stock of fuel they acquired before the tariff adjustment before passing the increase (or decrease, in other cases) on to consumers.
How much do other fuels increase?
Diesel, according to Enap, will have a strong increase of 97 pesos (0.11 dollars) per liter. Paraffin [kerosene] should not have variations as it is subsidized since it is a fuel used for heating in winter. Liquefied petroleum gas (LPG) will mark the difference as it will decrease by 16 pesos (0.017 dollars) per liter.
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Why is the price of gasoline rising?
Emanoelle Santos, a market analyst, has said that this week’s change is strongly influenced by international volatility in oil prices. The expert assured that the strengthening of the Chilean peso against the dollar recorded in recent days —driven by historic copper prices— could moderate the increase. “The pressure continues to be mainly associated with the level of international fuel prices, although the recent evolution of the Chilean peso helps to partially moderate the impact,” Santos told 24 Horas. The analyst also said that the final fuel price will depend on the application or not of the Fuel Price Stabilization Mechanism (Mepco).
How much does gasoline cost in Chile?
Until before this week’s increase, the average price of 93 octane gasoline reached 1,310 pesos (1.43 dollars) and 1,530 pesos (1.67 dollars); 95 octane between 1,350 pesos (1.47 dollars) and 1,450 pesos (1.58 dollars); and 97 octane between 1,400 pesos (1.53 dollars) and 1,550 pesos (1.69 dollars) per liter. Price variation depends on the municipality and region where it is sold. The website Bencina en Línea, of the National Energy Commission, shows all gas station prices so that vehicle drivers can make market comparisons.
When will the next fuel price change be?
Enap reports fuel price adjustments every three weeks, so the next change should take place on Thursday, September 10.
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