• Costa Rica Coffee Guide
  • Costa Rica Travel Insurance

Regulatory Authority updates formula for calculating fuel prices

October 21, 2015

Costa Rica’s Public Services Regulatory Authority (ARESEP) announced this week that it will begin to take into account the actual amount paid for oil by the Costa Rican Oil Refinery (RECOPE) when calculating the price of fuel at the pump, rather than relying on reference prices for international oil.

In addition, ARESEP will stop using the dollar exchange rate on the day it sets new prices, and instead will use the average exchange rate over the previous 15 days.

The regulatory agency said the changes in the way it calculates gas prices are designed to bring more transparency to the process.

ARESEP also said they expect the new formula to benefit motorists as it would ensure they get prices closer to the actual costs paid and incurred by RECOPE.

ARESEP Energy Manager Juan Quesada Espinoza said the new methodology will allow for more transparency in terms of the costs taken into account in setting fuel prices. “This new calculation formula provides a more rigorous, timely, transparent and reliable process, allowing us to transfer the benefits to the people,” he said.

ARESEP also announced it will conduct a yearly financial audit of all costs associated with RECOPE’s services, in order to ensure that income from prices paid at the pump is used to assure quality, reliability and optimum service delivery.

The new methodology will enter into force following its publication in the official newspaper La Gaceta.

You may be interested

Slothy Saturday: Happy Mother’s Day from this momma sloth
Sloth Sundays
1328 views
Sloth Sundays
1328 views

Slothy Saturday: Happy Mother’s Day from this momma sloth

The Tico Times - August 15, 2020

While we here at The Tico Times usually publish sloth photos on Sundays, today we're celebrating a day early. Janet…

Costa Rica celebrates Mother’s Day
Mother's Day
1171 views
Mother's Day
1171 views

Costa Rica celebrates Mother’s Day

The Tico Times - August 15, 2020

Happy Mother's Day from all of us at The Tico Times! Día de la Madre is a national holiday and…

Costa Rica coronavirus updates for Friday, August 14
Coronavirus
21942 views
Coronavirus
21942 views

Costa Rica coronavirus updates for Friday, August 14

Alejandro Zúñiga - August 14, 2020

Costa Rica announced nine new coronavirus-related deaths over the past day for a total of 281, according to official data…