The ups and downs of gasoline prices. Currently we are paying the highest price ever, but that may change in the coming weeks.

The state refinery, the Refinadora Costarricense de Petróleo (RECOPE), submitted this past week an application for a reduction of fuel prices.

If the reduction is approved by the Autoridad Reguladora de los Servicios Públicos (ARESEP), we will see the price of a litre of super gasoline drop ¢37 and ¢30 for regular. The new prices at the pumps would be ¢773 (currently ¢810) and ¢752 (currently ¢782).

Meanwhile, the price of a litre of diesel is expected to drop ¢1.

RECOPE cites prices of oil on international markets and the stability of the dollar exchange rate as factors.