Friday 7 October 2022

High Gas Prices Return: RECOPE Looking For A ¢73 Hike

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06 October 2022 - At The Banks - BCCR

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The State refinery, Refinadora Costarricense de Petróleo (Recope), requested on Friday, April 12, approval for a gasoline price hike that, if approved, would take effect in May.

Gas prices will return to the high of November 2018 if the latest increase request is approved

If approved, a liter of super gasoline would go from the current ¢618 to ¢691, regular from ¢602 to ¢669 and diesel would increase from ¢542 to ¢568. Click here for the current price of all fuel types.

The Recope attributes the price ‘adjustment’ to an increase of 18% in the international prices of the derivatives that it imports to the country. The Recope cites refinery maintenance during the month of April, readying for the increased demand of summer ‘driving season” ahead.

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This is the second price hike this year, following four consecutive price reductions since November when gasoline prices were the highest of the last two years. At the time, a liter of super reached ¢694 colones, dropping down to ¢580 in January of this year.

It is now up to the Autoridad Reguladora de los Servicios Públicos (Aresep), the regulator of public services to review the request and issue a resolution within the next 15 days, that takes effect after being published in the official government newsletter, La Gaceta, within five working days.

Gasoline prices in Costa Rica are regulated. The Recope makes monthly requests to the Aresep, typically the third Friday of each month, with any changes taking effect in the first part of the coming month. Given that the third Friday this month falls on Semana Santa, the Recope advanced its request.

Costa Rica has the second highest fuels prices in Central America. According to a report by Centralamericadata.com, the price per gallon for regular gasoline in Nicaragua is  US$3.81, Costa Rica US$3.76, Honduras US$3.53, El Salvador US$3.36, Guatemala US$3.22 and Panama US$3.07.

 

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