Arturo Vásquez of Gerens identified four factors behind the surge: persistent Middle East conflict affecting global crude supply, logistical shocks from military activity near the Strait of Hormuz disrupting refined product flows, Petro-Perú’s inability to service border zones amid road closures, and rising domestic fuel consumption. Brent crude closed at $90.49 per barrel and WTI at $85.76 on August 31, with analysts projecting continued strength absent progress on U.S.-Iran negotiations. Stephani Maita of the Instituto Peruano de Economía noted that elevated international quotations translate directly into higher costs for refineries and importers supplying the Peruvian market.
Southern and jungle regions face disproportionate impact due to limited storage capacity and logistical bottlenecks, challenges that could intensify if El Niño weather disrupts road networks. Eduardo Ramos of Optima Energy Peru warned that climate-related infrastructure damage may further constrain regional distribution. The transport sector accounts for 42% of total inflation in recent months, according to IPE data, with diesel and gasoline increases cascading into freight, public transit, and food costs. The government has introduced targeted subsidies for public transport vehicles, though broader price relief measures remain under discussion as crude markets show no sign of moderating and refining margins worldwide remain near record highs.
This article was curated and published as part of our South American energy market coverage.
