• Costa Rica Real Estate

Gas Prices Rise to Highest Level This Year

February 27, 2004

AS of Wednesday, the Costa Rican Oil Refinery (RECOPE) increased the price of vehicle fuels – super gasoline rose by ¢17.80 (4 cents), regular gasoline by ¢17 (4 cents) and diesel by ¢13.90 (3 cents) per liter.

The price of gasoline in Costa Rica is at its highest level in more than a year, the daily La Nación reported.

The price of filling up the tank of an average commuter vehicle with 45 liters of super gasoline has risen from ¢12,400 ($29.52) to ¢13,200 ($31.42).

The price of a liter of super is now ¢293.70 (70 cents). The price of a liter of regular is now ¢263.70 (63 cents), and the price of a liter of diesel is ¢207.90 (50 cents).

The Public Services Regulatory Authority (ARESEP) authorized the increase last week. RECOPE requested it on Feb. 5 in response to the decision by the Organization of Petroleum Exporting Countries to cut back on international oilproduction quotas.

The decision was surprising, analysts said, given that international oil prices continue to be well above $30 per barrel.

Following ARESEP’s announcement, bus companies and taxi driver unions said they would request fare increases.

 

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