Fuel prices in Costa Rica and Central America are up, with Costa Rica having the highest prices in the region.

Wife: Is he celebrating the World Cup season? Husband: No, it’s the season of price increases…

According to data by Acodeco.gob.pa, the price of a gallon of regular gasoline (as of June 4) are:

  • Costa Rica $4.22
  • Nicaragua $3.99
  • Honduras $3.83
  • El Salvador $3.62
  • Guatemala $3.60
  • Panama $3.33

The high prices are being blamed on the “geopolitical events that took place in the month of May between the United States and Iran” that led to an increase in the prices of petroleum products, which has been felt in the global market, due to the economic sanctions that focus on reducing the supply of exports to the international hydrocarbons market.

Along with this issue, OPEC and non-member countries led by Russia, has an item on its agenda for June 22 in Vienna, Austria, to decide if they will keep the pact outlined since the beginning of 2017 of only producing 1.8 million barrels per day or raise the amount of pumping to be able to supply global demand in light of the shortage that Iran will generate, these events are creating uncertainty for investors, because prices of petroleum and derivatives show mixed fluctuations that are difficult to predict.

In Costa Rica, the latest increase in fuel prices was on Friday, June 1, 2018, when a litre of regular gasoline rose to ¢653 (from ¢633), super went to ¢680 (from ¢662) and diesel to ¢562 (from ¢560).

Before the end of the month we can expect even higher prices at the pumps in Costa Rica.

This Friday, June 8, Recope is expected to request the Aresep for another hike in gasoline prices, which would go into effect the last Friday of June.

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