Economists agreed that the price of fuel could continue to fall in Chile, at least until March, due to low oil price in international markets, which will also affect low inflation in the first months of this year.
In early October, Brent Oil and WTI recorded their highest value in international markets, and since then the price has fallen permanently.
Only in October and November the price of crude oil fell by more than 25%, due to an increase in worldwide supply.
This decrease is also reflected in the values that petrol is sold in our country in its different octane number, as in the last 10 weeks the average price has fallen 54 pesos per. liter.
In November, it was even reflected in a zero variation in the consumer price index, and it is expected that this will have a negative impact on the CPI in December.
The economy from the Chile 21 Foundation, Eugenio Rivera, showed that if there are no major variations in the international scenario, this reduction could be maintained at least during first quarter of 2019.
Meanwhile, the economist at the University of Chile, Alejandro Alarcón, assumes that the price of crude oil on the national market might experience some small inclines, pushed by a higher price on the dollar.https://media.biobiochile.cl/wp-content/uploads/2018/12/bajabencinas2.mp3
According to the central bank's forecasts, the international oil price this 2019 should be quoted on higher values than the current onesso this low price would not remain permanently beyond the first quarter.
From January, the price register is collected on the basis of a new CPI basket, which changes some weightings, and new products are also incorporated, and it is expected that the low price of crude oil will affect low inflation.