Wednesday 29 March 2023

Gasoline would drop by ¢28 and diesel by ¢43 due to changes in Aresep’s methodology

Drop in prices would take time to reach the consumer, as it requires a public hearing to be held in June

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29 March 2023 - At The Banks - BCCR

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QCOSTARICA – As the headline reads, we are in for a drop in gasoline prices, but it will take some to feel the regulatory authority’s proposed reduction of ¢28 per liter on super gasoline, ¢27 on regular, and ¢43 on diesel as an effect of recent changes in the methodology.

These modifications are included in the tariff study ET-041-2022 based on a first technical analysis carried out by the Energy Intendancy of the Autoridad Reguladora de los Servicios Públicos (ARESEP).

Drop in prices would take time to reach the consumer, as it requires a public hearing to be held in June

The file clarifies that before issuing a resolution, the ARESEP must submit its proposal to a public hearing, which would take place on June 10. Finally, it would come into force after publishing the decision in the official newspaper La Gaceta, which could happen during the second half of June.

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Only then will we, the consumers, perceive the drop.

However, this good news could be affected by another rate study processed corresponding to the extraordinary adjustment in May, which considers the increase in international prices of fuels imported by Costa Rica.

The resolution of that study and the resulting new prices would come into force in the first half of June, as reported by Aresep.

For the time being, and most likely for the next several weeks, consumers in Costa Rica will continue to pay the highest gasoline prices ever, which could be even higher before seeing a drop.

Currently, the price per liter of super gasoline is a historical record of ¢958, regular is ¢933, and diesel pumps at ¢908.

These prices include the latest increase for the single fuel tax, which was applied yesterday,  Wednesday, May 18.

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