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.
You may be interested
Pic of the Day: Morning views from Manuel AntonioThe Tico Times - August 18, 2019
Costa Rica established Manuel Antonio National Park in 1972. Between the new park and the old banana town of Quepos…
Slothy Sunday: The wild side of motherhoodDenise Gillen / Toucan Rescue Ranch - August 18, 2019
On Aug. 15, Costa Rica celebrated Mother’s Day! Motherhood can take many forms. There are no set rules to what…
Costa Rica announces infrastructure works in effort to boost economyThe Tico Times - August 17, 2019
Costa Rica announced Friday a millionaire investment in airport infrastructure as a mechanism to boost the economy and generate jobs.…