Saturday 28 May 2022

Government seeks to rescind request for increase in fuels by Recope

The plan would force Recope to request another adjustment request and, in addition, would give productive sectors a discount for three months on the income tax for the purchase of fuels

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QCOSTARICA – With a “sense of urgency” the government proposes to annul the request for an increase in fuel prices that the state refinery, that refines nothing, Refinadora Costarricense de Petróleo (RECOPE) made last week to the regulating authority, the Autoridad Reguladora de los Servicios Públicos (ARESEP).

Graphic from La Republica

Today Friday, March 18, the government of Carlos Alvarado sent to the Legislative Assembly a bill to stop the sharp increase in fuel price requested by RECOPE last Friday, March 11, due to the escalation of international prices caused by the armed conflict in Ukraine.

Not if, but when the ARESEP approves the request before the end of the month, a liter of super gasoline will cost ¢121 colones, a liter regular ¢85 more and ¢87 more for a liter diesel. Other fuel prices, such LPG used in kitchens across the country for cooking, bunker fuels, jet fuels and other fuels would also see a sharp increase in prices.

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The increase would record-setting fuel prices at the pumps: ¢909 a liter for super, ¢889 for regular and ¢845 for diesel.

“Because of this, RECOPE would have to submit a new price update to Aresep within 5 days after the law comes into force. To achieve this, however, it is necessary that the law be approved with a sense of urgency and that it enter into force before Aresep has approved the submitted request,” the government said in a statement.

In case of not obtaining a positive response by legislators, the ARESEP will continue with the processing of the current request.

The government’s plan also proposes granting a tax credit for three months to the productive, public transport and cargo sectors. The first measure consists of a discount on income tax, for each liter of fuel consumed, for the operators of said activities.

Said fiscal credit would consist of deducting from the tax payment ¢78.15 for each liter of regular gasoline purchased, ¢78.15 per liter of super gasoline and ¢92.40 per liter of diesel. This would not apply to owners of private vehicles.

Of course, the Government warned, taxpayers in these sectors must keep a record of purchases and have the respective support in electronic invoices.

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