Friday, 7 August 2020

Big Drop In Fuel Prices Approved

The drop of ¢ colones a liter on super gasoline, ¢ on regular and ¢63 on diesel is expected to take effect at the pumps by the weekend. The collapse of Chinese oil consumption due to the coronavirus has impacted the international market

The impact of the new Covid-19 coronavirus on the international oil price market is the reason given by the Autoridad Regulador de los Servicios Públicos (Aresep) – Public Services Regulatory Authority – approving a reduction in the price of fuels in Costa Rica.

The reduction will be ¢39 colones for super gasoline, ¢40 for regular or plus and ¢63 colones a liter for diesel fuel.

The new prices at the pumps, when the drop takes effect, will be ¢606 for a liter of super (down from the current ¢645); ¢583 for regular or plus (down from ¢645); and ¢583 for diesel (down from the current ¢623).

- paying the bills -

The Refinadora Costarricense de Petróleo (Recope) made its monthly request on February 14.

The Aresep decision of last Friday (February 28) now requires publishing in the official government newsletter, La Gaceta, within 5 business days, meaning the drop at pumps will be in effect before the weekend.

On February 14, Recope explained in a statement that the collapse of Chinese oil consumption has impacted the international market and crude oil imports have slowed.

Oil shipments from Latin America to China slowed and imports from the West – a traditional source for Chinese refineries – have been lower than usual to the point of falling almost 20% per day.

The fall, Recope explained, is probably the biggest demand blow the oil market has suffered since the global financial crisis in 2008 and the most sudden since the attacks of September 11.

- paying the bills -

In less than two weeks, on March 13, Recope must submit to the Aresep a new application for rate adjustment according to the current pricing methodology. That eventual adjustment would take effect at the end of March or beginning of April.

The Aresep approval also includes a price drop in other fuels, ie natural gas, aviation fuel, etc.

Fuel prices in Costa Rica are regulated.

Rico
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Shortages and More Controls: Maduro Announces Gasoline Price Hike

The Chavista regime subsidized gasoline for decades and simultaneously destroyed the...

Decree reduces price of jet fuel in order to encourage tourism

The price in Costa Rica of jet fuel will be reduced...

MOST READ

Canadian tourists cancelling trips to Costa Rica’s due to high cost insurance

(QCOSTARICA) Jean-Marc Lampron, from Montreal, Canada, has been visiting Guanacaste for the past 15 years every summer. This year was not going to be...

Marchamo is a fair tax and “it makes no sense” to reduce it, says Minister of Finance

(QCOSTARICA) The Marchamo, the vehicular right to circulate, "is a fair burden and it makes no sense to reduce it in the midst of...

The rebellion has begun: Escazu, Santa Ana and Mora evaluate lifting restrictions

(QCOSTARICA) The municipalities of Escazú, Santa Ana, and Mora would allow their businesses to operate without the restrictions established by the government during the...

The most beautiful places in Costa Rica to visit after quarantine

Nestled between the stunning waters of the Caribbean Sea and the Pacific Ocean, sits the Central American paradise of Costa Rica. The small, Spanish-speaking...

Panama suspension of international flights continues

PANAMA CITY - On July 17, the Government of Panama extended the suspension of international commercial passenger and domestic charter flights, originally announced on...

Brazil’s first lady tests positive for Covid-19

(Q24N) Michelle Bolsonaro's positive test for COVID 19, follows a rally in the capital Brasilia during which she gave a speech with a mask...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.