The fall in petrol prices does not seem to have any floor: with a fall of $ 5.8 on Thursday, gasoline has completed 17 weeks of consecutive falls.
With this bearish operation, 93 gasoline will be sold below $ 800 in 14 of the 16 regions of the country, while 95 km of octane will register prices below $ 850 in 14 of the 16 regions.
Both fuels represent 73%, the most used Chile (53% for 93 octane and 23% for 95 octane). Between Oct. 29 and Thursday, octane gasoline dropped $ 98, an average of $ 750 in the metropolitan region, while 95 dropped $ 94.
Meanwhile, octane octane gasoline will be reduced by $ 92 and placed under an $ 850 barrier in 12 of the 16 regions of the country.
The decline is mainly due to the fall in oil prices. In this scenario, Brent has dropped 18% since October 29, while WTI has fallen by 20%. The reason is also the influence of the Mepco fuel price stabilization mechanism and the appreciation of the exchange rate in recent days.
This trip will not stop, because according to the Ministry of Finance calculations, the fall in prices continues until March. If this projection had been completed, octane gasoline by 93% would have to accumulate a 16% drop ($ 133) to reach $ 708, complete five consecutive months of decline, and be at the lowest level since October 2017.
In the meantime, 95 octaves will write a 15% reduction, which is a peso of $ 129, and its selling price would be $ 735. Finally, 97-octane would drop by 14% ($ 127) and would be marketed at $ 769.
Effects on consumers
The fall in prices also has side effects. According to Deputy Finance Minister Rodrigo Cerda, "today's prices represent a monthly saving of $ 11,900 (compared to the average number of vehicles traveling at 1,500 km per month, they use 95 gasoline and have a power of 12 km / l). This would mean savings of nearly 140 thousand dollars in 12 months, "he said.
The agency added that if prices fall by the end of March, monthly savings would be $ 15,000, which would save nearly $ 180,000 in 12 months. He added that fuel prices fell by the end of October, which was 0.3 points in the annual consumer price index. "Instead of 1.8%, we should reach 2.1% in January 2019," he explained.
According to the Treasury, another tangible effect of UF is: from February 14, 2019, the UF is lower by $ 55 than it would have been without a drop in fuel. This UF reduction can be attributed to the impact of the fall in fuel during November and December in the CPI. "The UF will grow, but at lower rates, which means that our mortgage loans, for which we are debtors, will increase more slowly," he explained.
A fuel stabilization mechanism (Mepco) began operating in August 2014. The purpose of this mechanism is to offset sudden increases and decreases in gasoline and diesel prices. Through variable taxes, the cash desk makes fluctuations not exceeding $ 5.8 per liter per week.