Saturday 28 May 2022

Gas price hike take effect on Wednesday

This increase sets record prices for gasoline in the country

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28 May 2022 - At The Banks - BCCR

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QCOSTARICA – At 12:01 am Wednesday, March 2, Costa Rica will reach record figures for fuels, as the latest increase in prices take effect.

This is the third consecutive increase applied to fuels this year and represents increases:

  • ¢57 colones for a liter of Super gasoline
  • ¢56 colones for a liter of Regular gasoline
  • ¢53 colones for a liter of diesel fuel
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The increase approved by the  Autoridad Reguladora de los Servicios Públicos (Aresep), in resolution approving the adjustment made by the Refinadora Costarricense de Petróleo (Recope) – Costa Rican refinery that refines nothing, was published this Tuesday, in the official newspaper La Gaceta.

With the approved increases, the new prices at pumps starting in the early hours of Wednesday will be:

  • Super: ¢822 (up from ¢765)
  • Regular:  ¢804 (up from ¢748)
  • Diesel: ¢724 (up from ¢671)

The previous highest in history was back in 2014 when the liter of super gasoline reached ¢816.

From La Gaceta March 1, 2022

“The upward trend in the international prices of refined products that Costa Rica imports, as well as in the exchange rate, are the two factors that explain the increase”, explained the Recope energy manager, Mario Mora.

In 10 days, on March 11, based on the current formula for setting gasoline prices, the Recope will most likely be seeking another major increase, this time as a direct effect of Russia’s invasion of Ukraine.

In that increase, we could easily see a likely scenario of ¢900 colones or more at the pumps for a liter of Super.

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To offset this wave of increases, to allow an economic recovery it is proposed to freeze the adjustments in the single fuel tax, as well as the formation of an “inter-institutional team” that will be in charge of “monitoring the incidents that may be generated in terms of socio-economic impact in the country,” reported the Executive Branch.

For his part, PLN presidential candidate, Jose Maria Figueres, is proposing the government also apply a ¢100 colones per liter reduction in fuels. PPSD presidential candidate, Rodrigo Chaves has yet to offer any proposal. Figueres and Chaves are heading into a run-off election on April 3. The winner will be inaugurated as President of Costa Rica on May 8.

 

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