By Alexis R. Milan
The dramatic increase in regular gas last week was caused because an adjustment had to be made for a previous increase that PUMA failed to make on its last shipment of fuel, explains Financial Secretary, Joseph Waight.
According to Waight, PUMA had previously reduced the price of regular gasoline when in fact PUMA was supposed to increase the price. When they realized the error, they had to make another adjustment and include another increase, causing the price of fuel to spike abruptly.
Waight said he wasn’t sure how the error was made. He explained that the price doesn’t change immediately when the shipment arrives. The prices are only adjusted when that particular shipment of fuel starts to be distributed.
According to Waight, a PUMA employee logged a price for an earlier shipment of fuel on its most recent shipment. When PUMA caught up with the mistake, it brought all the information to the Ministry of Finance, where it was reviewed and validated before the adjustment was authorized.
Waight said the government cross-referenced with PUMA’s head office in Panama and was satisfied that the adjustment was correct. Waight said this was only done for this one particular shipment of fuel.