On the heels of a big increase in fuel prices, the regulatory authority, the Autoridad Reguladora de los Servicios Públicos (Aresep), is evaluating an even bigger hit to the pocket that would be in effect at the beginning of next month.
When, and not if approved, the increase could see the price of a liter of super gasoline hit ¢810 colones at the pumps in October.
A liter of diesel would once again exceed the barrier of ¢705 in October (¢71 colones higher than today), while the super would reach ¢81 (¢23 colones higher than today), and regular gasoline would be ¢780 per liter (¢36 colones higher than today).
The increase would affect the majority of homes and businesses with a proposed increase in Liquefied Petroleum Gas (LPG) gas that is used in kitchens across the country.
Fuel prices in Costa Rica are regulated. The current process includes the Refinadora Costarricense de Petróleo (RECOPE) – Costa Rica’s refinery that refines nothing – submitting a request based on international prices and the current dollar exchange rate, among other things, to the ARESEP that then evaluates the proposal, holds a public hearing and in most cases ‘rubber stamps’ the request.
Once ARESEP makes a decision, it gets published in La Gaceta (the official government newsletter) within five work days. The changes become active the day after they’re published in La Gaceta. Increases happen (get published) quickly to go into effect, but reductions not so much.