Gas Prices Increase, Consumption Decreases

ANOTHER gas price hike wasapproved this week, while gas consumptionis falling, in part because of highprices.The Public Services RegulatoryAuthority (ARESEP) approved onMonday a 5.7% increase in gas prices,equating to an increase of approximately¢20 ($0.04) per liter.The increase will raise prices to ¢504($1.03) for a liter of super gasoline (a5.22% increase), ¢463 ($0.95) for a liter ofregular gasoline (a 3.81% increase), and¢337 ($0.69) for a liter of diesel gasoline (a5.97% increase). Prices include tax.ARESEP attributed the price hike tothe increase in international oil prices lastmonth, owing to the lack of oil refineriesand the devaluation of the colón againstthe dollar.The National Oil Refinery (RECOPE)announced last week that national gasolineconsumption fell last month from292,970 barrels to 281,785 barrels. Theinstitution credited the drop to higherprices at the pump and to government initiativesto reduce consumption.In August, officials took steps toreduce gasoline use by reducing traffic –changing public employee workschedules and restricting drivingin downtown San José (TT, July 29).