• Costa Rica Real Estate

Costa Rican gasoline prices to increase ¢54 per liter in April

March 15, 2011

The Public Services Regulatory Authority (ARESEP) announced Tuesday that national gas prices will increase ¢54 per liter beginning in April. Gas prices have risen three times thus far in 2011.

ARESEP’s announcement of a national gas price increase comes at a time when international gas prices are sky-rocketing. Due to last month’s turmoil in Egypt and the ongoing conflict in Libya, nations across the world are seeing heightened prices at the pump.

On Tuesday, the International Energy Agency (IEA) announced that exportation of crude oil from Libya will be “out of the market for several months,” which should lead to further escalation in international gas prices.

“Oil infrastructure appears to have been damaged following bombings around Es Sider and Ras Lanuf in recent days, heralding a worrying escalation from an oil-sector perspective,” the release from the IEA read. “The IEA continues to monitor the situation on a close and constant basis, ahead of a seasonal uptick in crude oil and transport fuels demand expected from April onwards.”

According to the IEA, Libyan crude oil exports fell by 195,000 barrels per day in February, which accounted for an estimated 1.385 billion barrels during the month.

International gas prices could see further escalations should the nuclear crisis in Japan worsen and affect the value of worldwide natural resources.

In Costa Rica, in addition to the ¢54/liter increase on unleaded fuel, the cost of diesel fuel will increase ¢39/liter and gas for cooking will cost ¢8/liter more. Super gasoline will be increased from ¢624/liter to ¢680/liter and plus gasoline will increase from ¢608/liter to ¢663/liter. 

The price hikes are slated to begin in mid-April.

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