FSLN Government to Assume 70% of Increase in Price of Gas & Diesel

March 26, 2022March 26, 2022Nicaragua, Sandinista Revolution

The Sandinista government of Nicaragua will be assuming 100% of the increase in the price of liquefied gas and 70% of gas and diesel in view of the increase in International oil prices.

In response to the constant increase in the international prices of oil and its derivatives since the beginning of the year 2021, President Daniel Ortega and Vice President Rosario Murillo have instructed the Ministry of Energy and Mines and the Nicaraguan Institute of Energy, to inform Nicaraguans of the state’s response.

From January 2021 until now, the international price of oil has increased by 109.2%, going from an average in January 2021 of US$52.1/barrel to US$109/barrel in March 2022.

The Government says it will “continue to permanently monitor the behavior of international prices and other variables that make up the price of fuels, and will take the corresponding actions and measures to mitigate the impact of the increase of these prices on the economy of Nicaraguan families.”

Watch the press conference here. The communique from the INE and Ministry of Energy and Mines can be read below.