Gas prices rose for the third consecutive Friday and hit a new all-time high. Diesel and diesel prices have risen for the second time this week.
This was the regular weekly review of the island’s Regulatory and Appeals Commission.
The minimum pump price for a liter of regular gasoline is 5.7 cents to $ 2.18. Last week’s price was also a record high.
The price of the diesel pump rose the same amount, 5.7 cents, to $ 2.28. The maximum price of heating oil rose a penny to $ 1.74. Friday’s increase was added to an unscheduled adjustment on Tuesday.
Diesel and heating oil prices remain below record highs in late April.
IRAC has 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 carbon tax rate, which added five cents to the price of gas and seven to the price of diesel.
Analysts have also blamed part of the pandemic.
Many refineries closed with little demand during the pandemic and refining capacity has remained low as demand increased. This high demand and low supply has allowed the refineries that are operating to increase their profit margins.