Friday 12 August 2022

It’s official: Huge increase in fuel prices THIS WEEK!

Fuel prices will rise between ¢88 and ¢131 colones following publication in La Gaceta in the coming days

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12 August 2022 - At The Banks - BCCR

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QCOSTARICA – Fuel prices will rise this week, after the approval by the regulatory authority, the Autoridad Reguladora de Servicios Públicos (Aresep), of the adjustment announced on July 20.

Fuel prices will rise between ¢88 and ¢131 colones THIS WEEK, following publication in La Gaceta in the coming days

The price of a liter of Super and Regular gasoline will increase ¢88 colones per liter, while diesel will increase ¢131.

For users of LPG (Liquefied Petroleum Gas ), they will see a reduction of ¢492 colones for a 25-pound cylinder, the typical used in home kitchens across the country.

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The increase will take effect this week, the day following the publication in the official government newsletter, La Gaceta. For example, is the publication is made tomorrow, Tuesday, August 2, the prices at the pumps will change at 12:01 am Wednesday, August 3.

The adjustment, according to the Aresep, is due to the international price of the products that were imported between June 10 and July 7. In addition, the exchange rate of the colon against the dollar of ¢692.85 (a simple average of the last 15 calendar days prior to July 7).

This is one of the major problems with the method to determine fuel prices in the country, NOT USING THE CURRENT international price of finished products where Costa Rica, through the Refinadora Costarricense de Petroleo (RECOPE) – the Costa Rican refinery that refines nothing, AND the current exchange rate, which currently is almost ¢20 colones lower than the first week in July.

In addition, the Aresep has not applied the subsidy dictated by Presidential Decree 43575-MINAE in July, saying it no longer applies, because it was a temporary and short-term benefit.

The objective of that decree, which was published in June, was that the “reduction” in diesel prices would affect the population with the most economic disadvantages, such as users of public transport.

With this adjustment corresponding, in the coming days fuel prices across the county will be:

  • ¢1,104 for a liter of super (up from ¢1,016)
  • ¢1,081 for a liter of regular (up from ¢993)
  • ¢1,004 for a liter of super (up from ¢873)
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As to LPG, the retail price for a 25-pound cylinder will drop to ¢9,871 (from ¢10,363).

 

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