Puerto Rico Gas Prices Soar Amid Middle East Conflict

Puerto Rico's gasoline prices have risen sharply due to the ongoing conflict in the Middle East, which is disrupting global oil markets and pushing crude and refined fuel costs higher. The increase is evident at local gas stations, with regular gasoline selling for $1.06 to $1.12 per liter and premium for $1.20 to $1.29.

Luis Guiets, president of the Puerto Rico Gasoline Retailers Association, attributed the rise in fuel prices to the conflict, stating that petroleum costs have been climbing steadily since late February when the U.S.-Israeli conflict with Iran escalated. The Strait of Hormuz, a critical chokepoint through which roughly a fifth of the world's seaborne oil and gas flows, has been disrupted.

The impact is not limited to Puerto Rico; global trends show that energy markets have been rattled by disruptions in the Strait of Hormuz, with wholesale gasoline and diesel prices remaining about 30% higher than before the conflict. The surge in refined product prices has been especially pronounced due to the loss of Middle Eastern heavy crude.