Carlos Aquilino Duarte, director of Hydrocarbons for the Ministry of Economy, stated that due to problems in the development of software for collecting and processing data, they had to postpone the start until the end of the month.
"According to the official, the most significant change in the new mathematical equation is the elimination of some additional costs such as fees when paying with credit card, which is part of the distributors cost. Another major change is that in the current formula the profit margins by both distributor and Oil Company are put together and divided later, but this mechanism has caused a series of problems between both parties. Now, profits are separated on the basis of a financial model establishing a rate of return, which is calculated based on the operating costs of both parties," reports the article in Elsalvador.com.
Source: elsalvador.com
More on this topic
October 2008
For the second consecutive week, the price of fuel will have a considerable drop, providing some relief to drivers.
The Ministry of the Economy reported today that a gallon of special gasoline drop by $0.45, regular gas by $0.39 and diesel by $0.13. These changes will come into effect from 14 to 20 October.
March 2011
The Salvadoran President ruled out the possibility of freezing fuel prices which have reached $ 5 a gallon.
When asked about the additional increase announced by the Ministry of Economy, Funes said: "We will not issue a decree to freeze prices. We do not want to intervene abusively in the market (...) the Economic team is working on a solution to the situation."
May 2009
Average market prices up to and including April 22, 2009 for diesel and gasoline in the countries of the region, according to the Ministry of the Economy of El Salvador.
El Salvador has the most competitive prices in Central America and only Guatemala gives it competition, according to indications from market polls conducted last week across Central America.
November 2009
After this week's increases, fuel prices will reach their highest levels of 2009.
Special and regular gas will increase $0.09, whilst diesel $0.08.
Julio Villagran, executive director at ASDPP, the Salvadoran Association of Petrol Distributors, told Laprensagrafica.com that "... this increase will further deteriorate Salvadorans purchasing power. This is evidenced by gas station sales, which dropped 10% since June".
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