Saturday 25 June 2022

Price of fuels above ¢1,000 proposed

The proposal will now go to public consultation and then be approved or rejected.

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QCOSTARICA – The Regulatory Authority (Aresep) – Autoridad Reguladora de los Servicios Públicos – presented, this Friday, a request for an increase, that would bring the price of gasoline in Costa Rica above ¢1,000 a liter.

This is the first extraordinary adjustment calculated and requested by the regulatory authority after the change in methodology was approved at the beginning of May.

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The increase, which would apply in June, would be ¢104 for a liter of super, ¢91 for regular and ¢104 for diesel.

With this adjustment, a liter of super would go from ¢958 to ¢1,062, regular from ¢933 to ¢1,024 and diesel from ¢908 to ¢1,012.

Mario Mora, Mayor of Energy of ARESEP, explained that the war in Ukraine generates uncertainty and extraordinary pressure in the oil markets, for which the import of hydrocarbons experiences a strong increase. In addition, they justify it in international inflation and in the behavior of the dollar exchange rate.

The proposal will now go to public consultation and then be approved or rejected.

Typically, Costa Rica’s refinery that refines nothing, the Refinadora Costarricense de Petroleo (RECOPE), makes a request to the ARESEP for an adjustment in fuel prices, to which the Regulatory Authority holds a public consultation and the approves or rejects the request.

In this case, the ARESEP, after holding the public consultation, will then approve or reject its own request.

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Also, would be the first time in the history of Costa Rica that the price per liter of fuel exceeds one thousand colones.

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