Friday 31 March 2023

Rodrigo Chaves to veto reduction bill

The president said the ¢100 reduction in gasoline will create a huge fiscal gap

Paying the bills


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30 March 2023 - At The Banks - BCCR

Paying the bills


QCOSTARICA – It has not been approved yet, but, in the event that the legislators do approve the bill for a reduction of ¢100 in fuels by establishing a new calculation methodology, President Rodrigo Chaves would veto that law.

The measure does not have the support of the government due to the fiscal gap it would mean for public finances.

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“I am respectful of the Legislative Assembly, to sign this law as president and not veto it, but tell me where they are going to replace (the amount of money that is missing (…) Tell me where they are going to cut to replace the lack of income, they say they want to lower ¢100 per liter, well it’s ¢250 billion a year,” said Chaves.

The reduction proposed by the legislators of the Partido Liberacion Nacional (PLN), the political party with the largest caucus, and the Partido Unidad Social Cristiana (PUSC), slashes the tax consumers pay for each liter of gasoline pumper into their fuel tanks.

According to the statement by Chaves, the only way to not apply the veto would be for the legislators to find an alternative source of resources for the State.

Eliminating asphalt subsidies, changing the price calculation methodology, suspending the Euro Six (emissions standards) – which raises the cost of gasoline – and analyzing the pertinence of a US$200 loan with CABEI to subsidize the public transport are the proposals of the government.

In the coming days, the Regulatory Authority is expected to approve a hike of ¢104 colones a liter for super gasoline, ¢91 for regular and ¢104 for diesel.

Read more: Price of fuels above ¢1,000 proposed

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

The new rate hike is due to the pressure in the international market generated by the war between Russia and Ukraine.

Another aspect is the impact of the dollar exchange rate, which has increased by more than ¢40 in the last quarter.

Read more: Dollar exchange rose ¢40 in the last quarter

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In the last year, the price of super and regular gasoline has increased by more than 30%, while diesel has increased by 41%, according to data from RECOPE, the Costa Rica refinery that refines nothing.

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Paying the bills
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