Tuesday, January 31, 2023

Senator Believes Local Gas Prices to Drop Following Public Hearings

By on January 13, 2016

SAN JUAN – Gasoline prices in Puerto Rico should drop, and continue to do so, in the immediate future, after gasoline retailers asserted Tuesday that wholesalers had lowered their prices by 8 cents following the announcement of a public hearing process to investigate gas prices on the island, said Sen. Luis Rivera Filomeno, chair of the Senate Labor Relations, Consumer Affairs & Job Creation Committee.

For the senator, “it shows that if the price of a barrel of oil falls, gasoline must be proportionally lower.” The Senate committee’s hearing process is aimed at discussing the Consumer Affairs Department’s (DACO by its Spanish acronym) audit of gas prices on the island in the context of the low price of oil, currently at roughly $30 a barrel.

Rivera said he would not hesitate to introduce legislation, if necessary, to ensure both retailers and wholesalers are charging gas prices that adequately reflect oil’s current prices.

Among those who have already participated in the hearing process are DACO and the Puerto Rico Gasoline Retailers Association. Meanwhile, wholesalers are expected to testify in the next days, after asking the committee for additional time to do so.

With the committee’s investigation, Rivera wants to ensure that savings resulting from low oil prices globally reach consumers’ pockets, and don’t stay among gas retailers and wholesalers.

By Luis Valentín

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