Tuesday 9 August 2022

More Gas Price Reductions Possible in April

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06 August 2022 - At The Banks - BCCR

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The drop in oil prices on international markets is fueling gasoline price drops in Costa Rica

QCOSTARICA – Gasoline prices in Costa Rica are finally dropping with a ‘big’ drop coming next month, and another possible drop in April.

The Autoridad Reguladora de los Servicios Públicos (Aresep) – regulating authority on public prices and services – said the drop in the price of oil on international markets is fueling the reductions in the country.

On February 15, the Aresep approved a drop of ¢113 colones for a lite of super, ¢115 for regular and ¢107 for diesel fuel. Natural gas (use mainly in kitchens around the country), aviation fuel and other oil products are also dropping in March.

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Current per litre gasoline prices are: Super ¢559, Regular ¢539, and Diesel ¢453. For more fuel price details see the Recope website.

Also in March, the Aresep is expected to review gasoline prices for prices changes in April.

If the downward trend in international markets continues, we can see further reductions.

Oil output levels may be frozen
On Tuesday February 16, top oil officials from Russia, Saudi Arabia, Qatar, Venezuela and several key OPEC members agreed to freeze oil output productions after a meeting in Doha to tackle a devastating supply glut.

The talks in the Qatari capital, which had been kept under wraps, involved powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak, sources told Reuters, two figures who must reach an accord for any coordinated global action to hold any hope of success. They were joined by Venezuela’s Oil Minister Eulogio Del Pino, who has in recent weeks been visiting major oil producers to rally support for the idea of “freezing” production at current levels in an effort to halt a downward spiral in prices, sources have said.

But, experts say a production cut may not be enough to hike prices. Many oil-producing countries suffer from an excessive dependence on oil exports. In that category, besides the four that threatened the freeze, are Canada, Iraq and Nigeria.

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