Saturday 25 June 2022

Government plans to borrow US$200M to subsidize bus tickets

Will we be paying ¢1,000 per liter of gasoline? It is not crazy, hopefully, it will not happen.

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25 June 2022 - At The Banks - BCCR

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QCOSTARICA – Due to the high cost of fuels, the government of Rodrigo Chaves is evaluating taking out a loan for US$200 million dollars to subsidize bus tickets.

Loan would help uses meet the rising cost of living

This is a proposal from the Central American Bank for Economic Integration (BCIE) to all countries in the area, confirmed Nogui Acosta, the Minister of Finance.

“The money is part of an US$800 million program for countries in the region, in which El Salvador, Honduras and Nicaragua would additionally participate,” Acosta said.

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The idea is that public transport pays less for fuels and with it, helps out users in the face of rising costs.

The initiative was raised to the previous government, but the decision was left to the new administration.

Today a liter of super gasoline costs ¢958; while regular is ¢933 and diesel ¢907, after applying the latest increase in the single fuel tax of up to ¢6 on Wednesday.

Will we be paying ¢1,000 per liter of gasoline? It is not crazy, hopefully, it will not happen.

Will ¢1,000 for a liter of fuel per liter be reached?

That is not too far-fetched. The RECOPE and ARESEP are currently in a squabble who is to set the price of fuels for this cycle, with the state refinery only sending data to the regulatory authority, which in the past was relegated to deciding approval of a request.

Read more: Recope refuses to propose an adjustment amount for fuels

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What is certain is that a new round of increases will be announced before the end of the month, which will be felt at the pumps within a few days of that.

We may not see the ¢1,000 price mark, but understanding that all the variables are negative, ie the war between Russia and Ukraine and the dollar exchange, we may be pretty close to it.

 

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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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