Fuel prices to increase again on Thursday

The Public Services Regulatory Authority (ARESEP) approved, for a third time this month, an increase in the per-liter prices of fuel.

The hikes will take effect on Thursday, meaning drivers will pay ₡8 more for a liter of “Super” gasoline, ₡4 for “Plus,” and ₡12 for diesel.

New prices will be published on Wednesday in the official newspaper La Gaceta. At midnight on Thursday, the new per-liter prices will be: ₡786 ($1.42) for Super, ₡760 ($1.38) for Plus, and ₡689 ($1.25) for diesel.

The hike is the seventh consecutive increase approved this year, and prices this week will be the highest in the past two years.

“The global economic crisis is causing fuel prices to increase significantly. New prices will surpass those during the global economic crisis that affected the country in October 2012,” ARESEP spokeswoman Carolina Mora said.

The regulatory agency took into account changes in international prices of oil and the local exchange rate. The approval came just six days after another increase took effect.

Earlier this month, President Luis Guillermo Solís said he would request a review of the methodology used for calculating fuel prices with the aim of lowering costs for consumers. The request would be filed with the National Oil Refinery and ARESEP.

Solís acknowledged that rising fuel costs are hurting Costa Ricans’ pocketbooks.

“We will try to set a new calculation method for fuel that benefits consumers, but we know it’s a very complicated process,” Solís said at the time.