If oil prices remain at current levels, the local fuel prices will decrease.
After knowing that inflation in May was only of 0.04% in Peru, the Ministry of Economy and Finance (MEF) reaffirmed that the international price of oil had a greater impact on the variation in consumer prices than the increase in the Selective Tax to Consumption (ISC).
The ministry informed, according to information from El Comercio, that “between April and May, the increase in the WTI oil price was 8%”. Then, between May 24 and 31, it has fallen by more than 5%.
"If the price of oil remains at current levels, there would be decreases in local fuel prices during the first week of June," the MEF estimated, according to El Comercio.
Regarding the greater influence of the international oil price on the local fuel price, the MEF said that according to INEI data, the gasohol of 97 octanes -which had no increase in the ISC- raised its average price by 37 cents per gallon.