The Center for Social and Economic Studies of Central America (CIESCA) highlighted that thanks to the measures implemented by the government of President Nayib Bukele, El Salvador has the lowest fuel prices in the market.
To achieve the reduction in gasoline prices, first the government temporarily suspended the collection of taxes for the Stabilization Fund for Economic Development (FEFE) and the Contribution to Transport (Cotrans) as well as the reduction of the Value Added Tax (VAT).
Yesterday, President Nayib Bukele announced that a new decree has been designed to continue subsidizing the price of gasoline and prevent global inflation from impacting the economies of Salvadoran families.
The Temporary Law to Set Maximum Fuel Prices, recently approved by the Legislative Assembly and sanctioned by President Bukele, allows the payment of gasoline and diesel at the prices of the past fortnight for the next two months.
Given this, special gasoline will have a price of $4.31 in the central and western zones and $4.32 in the eastern zone. Meanwhile, regular gasoline will cost $4.15 per gallon nationwide and low-sulfur diesel will cost $4.14 per gallon nationwide.