No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeFuelRegulatory Authority updates formula for calculating fuel prices

Regulatory Authority updates formula for calculating fuel prices

Costa Rica’s Public Services Regulatory Authority (ARESEP) announced this week that it will begin to take into account the actual amount paid for oil by the Costa Rican Oil Refinery (RECOPE) when calculating the price of fuel at the pump, rather than relying on reference prices for international oil.

In addition, ARESEP will stop using the dollar exchange rate on the day it sets new prices, and instead will use the average exchange rate over the previous 15 days.

The regulatory agency said the changes in the way it calculates gas prices are designed to bring more transparency to the process.

ARESEP also said they expect the new formula to benefit motorists as it would ensure they get prices closer to the actual costs paid and incurred by RECOPE.

ARESEP Energy Manager Juan Quesada Espinoza said the new methodology will allow for more transparency in terms of the costs taken into account in setting fuel prices. “This new calculation formula provides a more rigorous, timely, transparent and reliable process, allowing us to transfer the benefits to the people,” he said.

ARESEP also announced it will conduct a yearly financial audit of all costs associated with RECOPE’s services, in order to ensure that income from prices paid at the pump is used to assure quality, reliability and optimum service delivery.

The new methodology will enter into force following its publication in the official newspaper La Gaceta.

Trending Now

Caral Citadel in Peru Opens After 3,800 Years

A 3,800-year-old citadel belonging to the Caral civilization—one of the oldest in the world—opened its doors to the public this Saturday after eight years...

What are Diatoms and how are they used in Costa Rica?

A key ally in natural pest control is now available in Costa Rica.

Short Term Rental Income in Costa Rica to Face New Tax Rules

Property owners in Costa Rica who rent accommodations through popular platforms like Airbnb or Booking.com will soon face a new tax obligation. The General...

Costa Rican Lottery Official Investigated in Money Laundering Case

Another money laundering case has shaken Costa Rica. Following a series of raids that dismantled a laundering network operating through legal and illegal lottery...

Starbucks Expands in Guanacaste with New Store Opening in Tamarindo

Starbucks continues to strengthen its presence in Costa Rica with the opening of its second store in the province of Guanacaste, specifically in Tamarindo....

Costa Rica Shines Once Again in This High-Quality Travel Video

A new 4K video now circulating online offers a fresh view of Costa Rica’s natural settings—one that captures our country's popular as well as...
L. Arias
L. Arias
Reporter | The Tico Times |
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica