Saturday, 24 October 2020

RECOPE Requests Increase In The Price of Fuel

The increase would be between 9 and 13 colones per liter. Hike in dollar and variants in international market the reasons.

The Refinadora Costarricense de Petróleo (RECOPE) requested on Friday an increase in the price of fuel from the regulating authority, the Autoridad Reguladora de Servicios Públicos (Aresep).

The RECOPE cited the upward trends in the international market and the rise in the dollar exchange as reasons for the monthly fuel price adjustment model.

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“The situation of the international market and the rise of the dollar are 2 factors that have pushed the local market upward, a trend that is cushioned by the tariff lag that on this occasion corresponds to apply, which favors the consumer with a rebate”, said the entity, in a press release.

The request will increase prices as follows:

  • Regular gasoline or Plus 91: would increase ¢9 per liter, going from ¢663 to ¢672
  • Super Gasoline: it would increase ¢13 per liter to go from ¢680 to ¢693
  • Diesel: would go from ¢586 to ¢598 for an increase of ¢12.

The refiner explained that every 2 months the value of the tariff delay is updated as a result of the difference between the reference price at which the petroleum is purchased and the reference price at which it is sold.

“This study carries out this update and corresponds to return to the consumer around ¢10 colones in both gasolines and ¢13 colones in diesel, this cushions the increase in the international price and in the exchange rate,” RECOPE concluded.

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Aresep is expected to resolve the petition in the coming days. The price at the pumps would take effect within 5 working days after the publishing in the official government newsletter, La Gaceta.


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