The price of oil has continued to drop in the markets, this after registering the lowest number in 30 years.
The price of a barrel opened the day at about $ 10, however, during the day that number has continued to plummet and has reached less than a dollar.
These prices have been observed so far this year due to the COVID-19 pandemic.
In an interview with Metro, the president of the Gasoline Retailers Association, Rafael Mercado indicated that the price of a liter of regular gasoline on the Island could reach 30 cents. However, this estimate was made when the price of a barrel was at $ 10. The level at which the price can end once the markets close today is still unknown.
BREAKING: Crude oil’s May contract plunges as low as just $ 0.01 per barrel https://t.co/HlsH3slbGO pic.twitter.com/gnRJGEpmcz
– CNBC Now (@CNBCnow) April 20, 2020
Fuel demand falls due to COVID-19
Despite the historical drop in prices, Mercado mentioned that demand has fallen due to the quarantine and the curfew that Governor Wanda Vázquez implemented to prevent the spread of the coronavirus.
“It does not necessarily reflect immediately, some days it will catch,” he said. Market, who added that due to the quarantine on the Island, the purchase of fuel has decreased. “There is a fuel cap, there is an oversupply,” he added.
According to the Department of Consumer Affairs (DACO), the minimum price of a liter of regular gasoline is 44 cents, while the maximum at the pump is 47 cents.
According to the Prensa Asociada agency, the price of a barrel last Friday stood at $ 18.27 a barrel. The agency published today that the director general of the World Health Organization (WHO) warned that “the worst is yet to come” regarding the new coronavirus, which set off alarms around the pandemic as many countries are beginning to relax restrictive measures.
We remind you of this interview:
– .
