Tuesday 27 September 2022

Gasolines will fall in October, but Diesel will increase

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24 September 2022 - At The Banks - BCCR

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QCOSTARICA – Recope, the Costa Rican refinery that refines nothing, presented this Friday to the Aresep, the regulating authority, its latest request for an adjustment in the price of fuels and that it would apply next month.

Costa Rica maintains its leadership with the highest gasoline prices in the region

The adjustment calls for a reduction of ¢7 colones per liter in the price of super gasoline and ¢3 colones per liter for regular. However, diesel will increase ¢7 colones per liter.

“The variation is a function of the drop in international prices in recent days, this despite the increase in the exchange rate observed in that same period,” said Freddy Martínez, director of Economic and Financial Studies at Recope.

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If approved, the price of a liter of super a the pumps would drop from the current ¢741 to ¢734, regular from ¢718 to ¢715 and diesel would increase from the current ¢589 to ¢596.

This is the third reduction request so far in 2021, against the 8 approved increases.

Fuel prices in Costa Rica are regulated. The state refinery works out is pricing based on a methodology that is presented to the Aresep on the second Friday of the new month, to which the Aresep does its thing – study the request and will resolve it in two weeks, in this case, Friday, September 24.

The study part includes a public hearing on the request. New prices take effect within five days of Aresep resolution and are published in La Gaceta, depending on the calendar, which could be before the end of the current month or the beginning of the next.

The process then starts all over again. In most cases, the Aresep is a rubber stamp process.

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