Temporary measures to lower gasoline prices are being evaluated.

By THE STAR STAFF

The chairman of the House of Representatives’ Government Commission, Victor Pares, announced the evaluation of temporary measures to reduce the price of gasoline in Puerto Rico, including discounts for cash payments and the possible reduction of excise taxes on electronic transactions.

The proposal stipulates that, for a period of 30 days, gas stations will offer lower prices to customers who pay in cash, a practice known as “double pricing.” Additionally, the government is considering suspending or reducing the tax applied to electronic payments. Both initiatives aim to lower the cost per liter at the pump, which as of April 1st stands at $1.08.9 for regular gasoline.

Parés explained that these measures are a response to the global rise in fuel prices, driven by the situation in the Middle East. He indicated that the Chamber, along with its president Carlos “Johnny” Méndez, considers it a priority to mitigate the economic impact on consumers through viable and rapidly implementable alternatives.

As part of the process, a roundtable discussion will be held on April 17 with representatives from government agencies and the private sector. Participants include the Departments of the Treasury, Consumer Affairs, and Economic Development, as well as the Gasoline Retailers Association, the Ports Authority, the Energy Bureau, and the Banking Association.

The legislator emphasized that the price of gasoline on the island depends on multiple factors, such as the cost per barrel, refining, transportation, marketing, and taxes. He stressed that the proposed measures aim to provide relief while the market stabilizes.

Currently, the price of a barrel of West Texas Intermediate (WTI) crude oil, which supplies more than 90% of the fuel consumed in Puerto Rico, is $102.20. Most of it comes from Texas and Oklahoma, while the rest is imported from countries such as Colombia, Mexico, and Trinidad and Tobago.

The average monthly gasoline consumption in Puerto Rico amounts to about 70 million gallons.