Costa Rican gas prices to go up for second consecutive month

February 15, 2011

The prices at national gas pumps will increase again in February, the Public Services Regulatory Authority (ARESEP) announced Monday.

Beginning at midnight on Feb. 21, Super gasoline will increase ¢13, Plus gasoline ¢15 and diesel ¢17. The hike in gas prices is the second increase of the year, followed by a smaller increase in cost on Jan. 25.

Fuel prices have continued to rise thus far in 2011, and the worldwide average cost per barrel hovered around $86 on Monday.

In January, Dr. Fatih Birol, the Chief Economist of the International Energy Agency (IEA), said that oil prices had reached a dangerous zone. Economists fear that worldwide cost per barrel of oil could reach the $100/barrel mark during 2011.

“The oil import bills are becoming a threat to the economic recovery,” said Birol in a statement.

The continued increase in fuel prices will also drive the national inflation rate for consumer prices, which increased 0.68 percent in January. The Central Bank of Costa Rica (BCCR) hopes to keep inflation rates between 4 and 6 percent in 2011.

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