Latin America has some of the countries where the liter of gasoline It is cheaper than in the rest of the world. Among the first places stand out Venezuelawith a cost of 0.022 cents; Boliviawith 0.542 dollars; Colombia, with 0.557 dollars and Ecuador, with 0.634 dollars. But, how many liters of gasoline can be bought with a minimum wage in the region?
As one of the largest exporters of crude oil, the one with the most purchasing power for this input for transportation and other operations is Venezuela, which with a monthly salary converted to dollars (24.91 dollars) produces 1,132 liters.
This nation is followed by Ecuador, with 670 liters if one takes into account that the minimum is 425 dollars and each liter costs 0.635 cents, according to data from Global Petrol Prices. Bolivia follows in the ranking, with 599 liters; Colombia, with 411 liters; Argentina, with 331 liters; Chile, with 289 liters; Paraguaywith 262 liters; Uruguay, with 239 liters; Brazil, with 229 liters and Peru, with 186 liters.
Various factors influence this panorama, such as the inflationinterest rates and the devaluation of Latin American currencies in the face of a strengthening dollar, which has skyrocketed due to the possibility of a recession in the United States and global fears generated by the war in Ukraine.
Another direct variable is the crude oil price internationally which actually fell after data showed US consumer prices remained high in August. “It appears that the risk of the Fed sending the US economy signals of a tough monetary policy is still on the table and that does not bode well for the medium-term oil demand outlook,” said Edward Moya, senior analyst. of Oanda market.
In early September, commodity prices hit their lowest level since January and the US dollar rose to record highs as central banks braced for more rate hikes.
Fundamental headwinds persist as Saudi Arabia told the Organization of the Petroleum Exporting Countries (OPEC) that it raised crude output above 11 million barrels a day for the first time in more than two years, while Investors are worried about global consumption as China battles virus outbreaks.
“We don’t expect a sustained rally anytime soon, but we estimate the risk-reward outlook has improved again,” Morgan Stanley analysts including Martijn Rats and Amy Sergeant said in a note. The structural outlook for the oil market remains tight, but for now this is offset by cyclical demand headwinds.
Some leading banks have been lowering their oil price expectations for the rest of this year. Morgan Stanley lowered its Brent price forecasts for this quarter and next following a similar move by UBS Group AG earlier this week.
However, JP Morgan reiterated its call for oil to hit $150, noting that demand from China will revive once pandemic-related lockdowns are lifted, while international explorers are not investing enough to replace reserves. existing.
Separately, US Secretary of State Antony Blinken said the US and Iran are unlikely to reach a new nuclear deal any time soon, echoing recent comments from France, Germany and the UK. United Kingdom, and delaying the likelihood of any substantial increase in Iranian oil. short term shipments.
However, the US itself could start topping up its emergency oil reserves when crude prices drop to around $80 a barrel, according to people familiar with the matter cited by Bloomberg.
These factors have led August electricity bills for consumers there to rise the most since 1981, growing 15.8% from the same period a year ago, according to the US Bureau of Labor Statistics.
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In the case of Colombia, the increase in the rates per gallon of fuel to limit the cost of the Price Stabilization Fund would impact transportation and food costs, adding to local inflation, which has been influenced by the global outlook. .
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