• Costa Rica Real Estate

Costa Rica’s oil refinery wants to increase fuel prices – again

May 26, 2015

Higher fuel prices approved last Friday haven’t even gone into effect yet, but that hasn’t stopped the National Oil Refinery (RECOPE) from seeking a new hike of ₡9 in the per-liter prices of gasoline and diesel.

The refinery submitted a new request on Monday at 5 p.m., citing increases in operating costs, Public Services Regulatory Agency (ARESEP) spokeswoman Carolina Mora said.

Before issuing a ruling ARESEP’s technical staff will evaluate the request for the next two weeks, and then it will be submitted for public consultation to give citizens the opportunity to oppose it.

New per-liter prices approved last Friday are expected to take effect later this week following publication in the official newspaper La Gaceta. ARESEP approved a ₡43 increase in the price of “Super” gasoline, ₡35 for “Plus” gasoline and of ₡36 for diesel.

A liter of Super will increase from ₡600 to ₡643 ($1.12-1.20); Plus will increase from ₡575 to ₡610 ($1.07-1.13); and diesel from ₡478 to ₡514 ($0.89-0.96).

The latest increases were approved after taking into consideration a reduction in reserves of finished products and an increased demand in the United States, ARESEP reported.

If approved the latest higher prices would become the fifth consecutive hike this year following eight decreases approved between mid-2014 and early 2015.

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