Tuesday 15 June 2021

RECOPE Reports Loss

DSC01398(QCOSTARICA) Despite having a monopoly in an essential product, and being able to dictate local prices, state company, the Refinadora Costarricense de Petroleo (RECOPE) reported this week a loss of over ¢7 billion colones through March of this year.

RECOPE is the national refinery, but no longer refines fuel in the country, however it still imports and distributes fuel from its installations around the country.

RECOPE officials tried to explain the situation, blaming ARESEP in its request for a ¢9 colon per liter hike. “This ordinary price study shows that there is a need for the institution to recover its financial stability, which has been affected by resolution RGG-8988-2008, which was published in November of 2008.”

- Advertisement -

If the request is approved, RECOPE foresees ¢213 billion colones of additional revenue, which will cover it’s current loss and future costs of importing fuel.

RECOPE gives three reasons beyond its control for the current situation.

First they blame the price drop approved by ARESEP, which reduces their operating margin by ¢5.81 colones per liter. Secondly the “blame it on the rain”, since ICE hasn’t needed to supplement electrical supply using its thermal plants, which has reduced RECOPE’s sales. Finally, the entity blames an additional price reduction in November of 2014, which reduces their annual income the equivalent of ¢10.67 colones per liter.

Article by iNews.co.cr, with editing by the Q.

- Advertisement -

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Simple to request certification of vaccines against covid-19 applied in Costa Rica and abroad

QCOSTARICA - The Ministry of Health issued a new guideline on...

The US improves travel alerts for Central America; Not Costa Rica and Nicaragua

QCOSTARICA - The United States has eased travel advisories for most...

MOST READ

Southwest adds yet another route to Liberia, now from Denver

QCOSTARICA - Southwest airlines will add a new route to the Daniel Oduber International Airport, in Liberia, this time connecting with the city of...

Today’s Covid News: Restrictions allowed a decrease in Covid-19 and prevented hospital collapse

QCOSTARICA - A moderate decline in new cases for the third consecutive week allowed the hospital system to avoid the dreaded collapse and rapid...

Which countries could follow El Salvador by making it legal tender?

Q24N - El Salvador may be the first country to adopt bitcoin as legal tender, but recent developments suggest that it might not be...

Your cell phone can now notify you if you had contact with a positive case of covid-19

QCOSTARICA - Fifteen months after the national emergency against covid-19 was declared, Costa Ricans will have a digital platform where you can be notified...

On Monday the vehicle restriction will change, again

QCOSTARICA - In times of pandemic, things change constantly, especially when it is necessary to tighten the belt to reduce the contagion of covid-19. The...

Today’s Vehicle Restriction: June 10, “ODDS”

Today, Thursday, June 10, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Europe opens the doors to tourism, these are the requirements

Q TRAVEL - Europe opened the doors to tourism. While worldwide vaccination against covid-19 advances above the levels of each country, the restrictions are...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

Today’s Vehicle Restriction: June 11, “EVENS”

Today, Friday, June 11, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.