• Costa Rica Real Estate

Costa Rica regulatory authority approves more increases in fuel prices

April 3, 2014

Motorists will pay an additional ₡25-45 in per-liter prices of fuel after the Public Services Regulatory Authority (ARESEP) on Wednesday approved a hike request filed last month by the National Oil Refinery (RECOPE).

The highest increase will affect users of “Super” gasoline, which will increase from ₡711 to ₡756 ($1.32-1.40).

A liter of “Plus” gasoline will increase by ₡36, from ₡687 to ₡723 ($1.27-1.34). A lower increase will apply for diesel, with the price set to increase from ₡650 to ₡675 ($1.20-1.25).

RECOPE in March requested two price increases: one due to variations in international oil prices and exchange rates, and another to update the refinery’s profit margins.

“We merged the two increases into one … to avoid two consecutive increases,” ARESEP spokeswoman Carolina Mora said.

However, the hikes were lower than those requested by RECOPE as “they hoped to have an 83 percent increase for changes in international prices and exchange rates, but ARESEP only approved 16.37 percent,” Mora said.

Prices of liquefied gas will decrease. An 8.5-liter cylinder will cost ₡421 less, while an 85.9-liter cylinder will drop by ₡4,219.

The last change in fuel prices took effect on March 7 when ARESEP approved increases ranging from ₡19-₡25 per liter.

New prices will take effect once they are published in the official newspaper La Gaceta in coming days.

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