Higher gas prices expected this week

Costa Ricans who spent their wad over the Holy Week holiday will have to face higher gas prices as part of their welcome back to reality.

The Public Services Regulatory Authority (ARESEP) approved increases of up to 5 percent in the per-liter price of fuel. The new prices will take effect following publication in the official newspaper La Gaceta, expected later this week.

The increase is the second this year following eight consecutive price cuts approved between July 2014 and February 2015.

The new prices mean ₡31 more for a liter of Super gasoline, ₡29 for Plus and ₡7 for diesel.

A liter of Super gasoline will go from ₡570 to ₡601 ($1.06-1.12), Plus from ₡545-₡574 ($1.01-1.06) and Diesel from ₡493 to ₡500 ($0.91-0.93).

The price of liquefied petroleum gas also will go up, from ₡249 to ₡254 ($0.46-0.47).

ARESEP approved the hikes due to increases in international prices recorded in recent weeks, the regulatory agency said.

Just like the first increase this year, approved Feb. 27, the higher prices come as a direct result of maintenance work being performed on U.S. refineries, which has caused fuel production to drop, ARESEP said.