Recope_1QCOSTARICA – The Aurtoridad Reguladora de Servicios Publics (ARESEP) – regulator of public prices and services agency, has instructed the state refinery, Refinadora Costarricense de Petroleo (RECOPE) to give back money to Costa Ricans.

TheARESEP, whose audit was prompted by a request by legislators of the Comisión de Control de Ingreso y Gasto Público (Control Commission of Income and Public Spending), found that the RECOPE inflated the price of fuel to consumers, in order to pay for the investments needed for the refinery expansion and modernization project.

The ARESEP found that RECOPE did use money from its distribution operations to fund the project, and that this is not permitted.

RECOPE must return ¢1.1 billion colones to consumers, which would mean a reduction in the price per litre of fuel up to ¢5 colones.

The ARESEP will hold public hearings soon, and expects the price drop to take effect in July.

Source: Nacion.com