• Costa Rica Real Estate

National Oil Refinery seeks a decrease in fuel prices, likely for September

August 6, 2014

A ₡5 increase in the per-liter price of fuels approved in July will take effect in coming days, but a recent drop in international oil prices could mean gas prices will go down in September.

The National Oil Refinery (RECOPE) on Friday will ask the Public Services Regulatory Authority (ARESEP) to lower gas prices, likely by ₡30 per liter, RECOPE said on Wednesday. The official notification is expected to take place on Friday, allowing ARESEP to calculate international fuel prices and dollar exchange rates for this week. ARESEP updates fuel prices the second Friday of each month.

A liter of “Super” gasoline currently costs ₡810 ($1.52). A liter of “Plus” gas costs ₡782 ($1.46), while diesel costs ₡667 ($1.25).

A change in fuel prices takes up to three weeks on average, making it likely lower gas prices will apply starting next month.

After receiving a price-change request, ARESEP is required to grant a 10-day period for citizens to opine, which the agency evaluates for five days before issuing a final ruling. A decree setting new prices then is sent for publication in the official newspaper La Gaceta.

If the price decrease moves forward, it would be the second this year. ARESEP has approved seven gas price increases during the same period.

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