This was the regular weekly review by the Regulatory Commission and the Appeals Committee of the island. The minimum pump price for a liter of regular gasoline increases by 5.7 cents to $ 2.18. Last week’s price was also a record. The price of the diesel pump rose the same amount, 5.7 cents, to $ 2.28. The maximum price for heating oil increased by a penny to $ 1.74. Friday’s increase came in addition to an unscheduled adjustment on Tuesday. The prices of diesel and heating oil are still lower than the records set at the end of April. IRAC added a page to its website to explain why gas prices are so high. He notes that the Russian invasion of Ukraine has disrupted the supply of oil from Russia. It also refers to an increase in the coal levy, which added five cents to the price of gas and seven to the price of diesel. Analysts have also blamed the pandemic. Many refineries closed due to low demand during the pandemic and refining capacity remained low as demand increased. This high demand and low supply have allowed the refineries in operation to increase their profit margins.
