Gas prices in Costa Rica to remain unchanged through 2015

Despite a spike in international fuel prices in the past two weeks, prices of gas and diesel in Costa Rica will remain stable for the rest of the year, the Public Services Regulatory Authority (ARESEP) confirmed this week.

Current fuel prices in Costa Rica are the lowest since 2009, according to an ARESEP report, and will remain unchanged during December and part of January.

ARESEP’s energy department also said it’s evaluating a potential decrease in per liter gas prices for January — of ₡10 for Super gasoline and ₡9 for Plus gasoline and diesel. The proposal will be submitted for public consultation on Jan. 14 before a final resolution is issued.

The regulatory agency attributes the stability in prices and the possibility of a new decrease next year to the implementation of a new methodology for price calculation approved by ARESEP last October.

The new calculation formula takes into account the actual amount paid for fuels by the Costa Rican Oil Refinery rather than relying on reference prices for international oil.

In addition, ARESEP no longer uses the dollar exchange rate on the day it sets new prices, and instead uses the average exchange rate over the previous 15 days.

ARESEP this year approved more decreases than increases in fuel prices.