Panama’s National Energy Secretariat confirmed new, higher fuel prices for a two-week period starting Friday, February 6. The price adjustments affect all major fuel types sold across the country and are linked directly to rising international market costs.
The regulatory body sets national reference prices every fourteen days. This latest increase reflects a significant spike in the international prices for refined petroleum products. Officials cited severe winter weather disrupting United States production as the primary driver.
“During the present period, international quotations registered an upward trend, driven by extraordinary climatic factors in the United States,” the Energy Secretariat stated. [Translated from Spanish] The statement detailed that severe winter storms interrupted roughly 15 percent of U.S. output and caused operational paralysis at strategic oil refinery facilities.
Consumers will see the changes at pumps beginning at 5:59 a.m. on February 6. The new pricing structure will remain in effect until 5:59 a.m. on Friday, February 20.
Specific Price Adjustments for Consumers
Gasoline with a 95 octane rating will increase by three cents per liter. Its new maximum reference price will be 88 cents per liter. The more common 91 octane gasoline also rises by three cents, reaching 83 cents per liter.
Low-sulfur diesel fuel sees the largest jump. Its price increases by five cents per liter, settling at a new reference price of 84 cents. These prices serve as a maximum benchmark for retailers nationwide.
International Market Link Drives Local Costs
Panama’s fuel pricing mechanism is explicitly tied to the international market. The National Energy Secretariat calculates its biweekly adjustments based on the quoted values for finished products like gasoline and diesel on the United States Gulf Coast. This region is Panama’s principal supplier market.
Recent weeks witnessed a perfect storm of factors squeezing that market. The Secretariat’s analysis points directly to the operational freeze along the Gulf Coast. Refinery shutdowns reduced processing capacity dramatically. An increased seasonal demand for heating fuels in North America compounded the supply issue.
Together, these events created a sharp constriction in available supply just as the pricing period for Panama was being set. The result is an unavoidable pass-through of higher costs to the end consumer. Officials emphasize the formula-based system leaves little room for discretionary adjustment.
The Secretariat’s communication aimed to provide transparency for the public. It directly connected the local price hike to specific, verifiable international events. This approach is standard practice for the agency, which publishes detailed explanations with each biweekly price resolution.
Market analysts suggest the volatility may continue in the short term. Much depends on how quickly Gulf Coast energy infrastructure can resume normal operations after the extreme weather. The next price evaluation will occur on February 20, setting costs for the following fortnight.
For Panamanian drivers and transport companies, the increase represents an immediate rise in operational expenses. The cumulative effect of small, biweekly adjustments can significantly impact annual budgets. This latest hike continues an observed trend of incremental growth in fuel costs linked to global market instability.