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Wednesday, June 29, 2022

Gasoline prices in Costa Rica continue to rise

The Public Services Regulatory Authority (Aresep) announced, this Friday, an increase of ¢104 per liter for both super gasoline and diesel, as well as an increase of ¢91 for regular gasoline. According to the institution, this will be in effect as of next week.

The new increase must be published in the Diario La Gaceta, to become officially effective the following day.

For the first time in Costa Rica, the cost of the main gasoline products will exceed ¢1,000 per liter: the price per liter of super gasoline will go from ¢958 to ¢1,062; diesel will rise from ¢908 to ¢1,012 and regular gasoline will increase from ¢933 to ¢1,024.

This will be another major hit on consumers, who have had to endure several price increases and have been tremendously affected by the multiple price hikes.

“At this moment, global energy markets are experiencing an upward price trend due to the war in Ukraine. In Costa Rica’s case, it should also be added that the exchange rate of the colón against the dollar continues to exert pressure on the payment of hydrocarbons imported to the country, which must be paid in dollars”, explained Mario Mora, Aresep’s Energy Intendant

“It is important to inform our citizens that the extraordinary monthly adjustments processed by ARESEP are to recognize to RECOPE the changes associated with international prices and exchange rates, necessary to meet the oil bill,” added Mora.

“This is the only mechanism that the country has to finance fuel imports and guarantee national supply,” concluded the ARESEP official.

Political parties PUSC and PLN, have proposed a gasoline tax cut, to which President Rodrigo Chaves publicly stated he would veto said plan.

Chaves has mentioned that, although he understands the economic impact of the price of gasoline, the country’s current fiscal situation is currently poor, and it is not possible to lower this tax because it could generate a fiscal gap.

For those who use propane or LPG (in kitchens and vehicles), there are good news: there will be a price reduction. For 25-pund cylinders, the price will be lowered from ¢11,230 to ¢10,434. This represents a price decrease of ¢796 colones.

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