Tuesday 31 January 2023

RECOPE anticipates a sharp rise in fuel prices in future

Recope warns that Costa Rica will be "seriously" affected by the new request for extraordinary adjustment on March 11, as a consequence of the Russian invasion of Ukraine

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QCOSTARICA – The Refinadora Costarricense de Petróleo (RECOPE) – Costa Rican Oil Refinery that refines nothing, announced that the next adjustment in fuel prices will have a strong upward impact due to the Russian invasion of Ukraine.

In the coming days, Costa Ricans will see the highest fuels prices ever, with more increases coming due to the escalation in international costs of oil and its derivatives, which are, in turn, a consequence of the Russian invasion of Ukraine.

RECOPE announced on Thursday that Costa Rica will be “seriously” affected by the increase in fuel prices, as a result of the escalation in international costs of oil and its derivatives.

The international conflict caused the cost of a barrel of oil to exceed US$100 for the first time in seven years, according to the WTI Crude Oil Spot Price.

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In the Thursday press release, the refinery did not give any details of the possible increase.

The increase will be reflected in the next adjustment price request RECOPE will be making to the Autoridad Reguladora de los Servicios Públicos (ARESEP), regulating authority, due by  March 11.

Freddy Martínez, head of Economic and Financial Studies at RECOPE, said that the situation in Ukraine also puts pressure on the exchange rate, which in turn impacts the cost of importing oil.

Personal financial expert Daniel Suchar pointed out that the price of a barrel of oil will continue to rise as long as the conflict in Ukraine is not resolved.

ARESEP will resolve this Friday the latest increase request by RECOPE corresponding to February, for an increase in fuel prices of ¢58 for a liter of super gasoline, ¢57 for regular gasoline, and ¢54 for diesel.

When approved, the price per liter of super gasoline in Costa Rica will go from ¢765 to ¢823; regular from ¢748 to ¢805; and the diesel from ¢671 to ¢725.

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The approved prices would take effect most likely before the end of the next week, following publication in La Gaceta, within five days of approval.

 

 

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