Regulatory authority approves drop in fuel prices

A change in the dollar exchange rate has prompted the Public Services Regulatory Authority (ARESEP) to approve a decrease in per-liter prices of Costa Rican fuel.

The decision, made Monday night, will mean a ₡6 drop in gasoline prices and a ₡9 drop for diesel, according to calculations by the agency.

The change in prices takes into account international oil prices recorded at the New York Mercantile Exchange from June 10-26, ARESEP stated.

Gas prices will go down starting at midnight on the day they are published in the official newspaper, La Gaceta. A liter of “Super” gasoline will cost ₡810 ($1.49), while “Plus” will cost ₡782 ($1.44) and diesel ₡667 ($1.23).

ARESEP’s move follows a proposal earlier this month by the Costa Rican Oil Refinery (RECOPE) requesting a decrease of up to ₡9 per liter for fuels as a result of variations in exchange rates and international oil prices.

“The dollar exchange rate since February has showed a downward trend that directly reflects in ARESEP’s calculations for fuel prices,” RECOPE President Sara Salazar said earlier this month.

But don’t celebrate just yet – fuel prices are scheduled to increase again next month following an update in fuel taxes set by the Finance Ministry each quarter.

The tax increase takes into account inflation as registered every three months. Those calculations resulted in a ₡5 increase for gasoline and a ₡3 increase for diesel, the ministry reported last week.