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HomeTopicsBusinessRegulator publishes ‘historic’ drop in gas prices amid global oil oversupply

Regulator publishes ‘historic’ drop in gas prices amid global oil oversupply

No need to keep driving on fumes, as Costa Rica’s gasoline regulator announced “historic” price cuts at the pump starting Thursday. Plus gasoline goes on sale at ₡552/L ($1.02), with ₡580/L ($1.07) for Super and ₡522/L ($0.97) for diesel, according to prices ARESEP published in the official newspaper, La Gaceta.

The price plunge brings the cost of fuel in Costa Rica down by its largest amount since January 2009, almost 16 percent compared to December 2014, the Public Services Regulatory Authority (ARESEP) said in a statement Wednesday. ARESEP announced that it would lower the cost of Super gasoline ₡109, Plus ₡103 and diesel ₡85 – more than the National Oil Refinery, RECOPE, originally requested in December 2014.

As global oil prices tumbled 60 percent since June 2014 to six-year lows, Costa Rican prices for Super gasoline fell only 12 percent, from ₡787/L ($1.46) in June to ₡689/L ($1.27) in December 2014, according to Tico Times calculations based on figures provide by RECOPE. Plus fell nearly 14 percent and diesel 12 percent during the same period.

The announced January price cuts bring gas prices down 26 percent from its annual peak in June 2014.

AFP contributed to this report.

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