Q COSTARICA — The Middle East conflict, more specifically the war between the United States and Iran, will result in a sharp increase in the price of gasoline in Costa Rica in May.
On Wednesday, the Refinadora Costarricense de Petróleo (Recope)—the Costa Rican oil refinery that refines nothing—announced that there will be an increase of ¢85 colones per liter for super gasoline, ¢67 colones for regular gasoline, and ¢136 colones for diesel.
Other fuels, such as natural gas and aviation fuel, will also see increases.
The government of Rodrigo Chaves clarified, however, that fuel prices are not expected to exceed ¢1,000 colones, as happened in 2022 when the world faced the beginning of the war between Ukraine and Europe.
Currently, a liter of super gasoline sells for ¢633 colones, so with the increase, it will reach ¢718 colones, while the current price of regular gasoline is ¢607 colones, and with the planned increase, it will be ¢674 colones. Finally, a liter of diesel currently costs ¢530 colones, and with the increase, it will cost ¢666 colones.
“We are strong, but the challenge will be enormous. We have a strengthened economy with negative inflation. We have to reduce the public debt. Imagine if the Middle East crisis had caught us at the end of the Alvarado Quesada administration, when the country was bankrupt. Today, instead of being here, I would be in the Basilica of Our Lady of the Angels asking our Virgin Mary to have mercy on us,” said President Rodrigo Chaves.
Chaves indicated that significant volatility is expected in the coming weeks.
Ceasefire
United States President Donald Trump said Tuesday night, just hours before the deadline, that he had agreed to “suspend the bombing and attack against Iran for a period of two weeks,” on the condition that Iran reopens the Strait of Hormuz.
The ceasefire, brokered by Pakistan, is intended to pause a month-long war and facilitate long-term peace negotiations.
Meanwhile, Iran announced that it will allow the safe passage of maritime traffic through the Strait of Hormuz for two weeks, provided that vessels coordinate with the Iranian armed forces.
This is one of the world’s most important maritime routes for oil transport, so any disruption has direct implications for global energy markets and geopolitical stability.