March 6, 2026 will go down in Panama's SNE records as an unusual date: 95 octane gasoline fell B/.0.188/L in a single bi-weekly update, dropping from $1.136 to $0.948/L — the lowest price recorded in Panama since April 2020, during the pandemic. Diesel fell similarly: from $1.053 to $0.903/L.
Three factors converged to produce this outcome. First, WTI hit $58/barrel during the EIA reference week of February 24–March 1, its lowest since February 2021. The trigger was tariff escalation: on February 28, the Trump administration confirmed the immediate application of 25% tariffs on all Chinese imported goods, plus an additional 10% "national security tariff." China responded with countermeasures on U.S. agricultural and energy products. The crude oil market interpreted this as a signal of global economic slowdown and lower oil demand.
Second, OPEC+ surprised markets by not announcing additional production cuts at its early-March meeting. Saudi Arabia, the cartel's main driver, chose to maintain quotas rather than sacrifice market share ahead of possible increased Iranian supply. Third, the dollar strengthened against other currencies as a safe-haven asset amid the trade war context, which further pressured crude prices (denominated in dollars).
The impact for Panamanian drivers was notable: filling a 50-liter 95-octane tank cost B/.9.40 less than the previous month — the biggest single-drop saving since the 2020 lockdown. Diesel prices also fell below $1/L for the first time in over four years, benefiting carriers, farmers, and fishermen. SNE passed on the full impact without discretionary adjustments, honoring its regulated-price mechanism based on international market prices.