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A Fifth Consecutive Increase in the Price of Gasoline in Costa Rica this Year is Approved

Written by Marisol

This past Friday the fifth consecutive increase in the price of gasoline in Costa Rica was approved, which will take effect in the middle of next week, one day after the resolution is published in the official newspaper La Gaceta.

The adjustment approved this Friday afternoon by the Public Services Regulatory Authority (Aresep) corresponds to the extraordinary (monthly) adjustment requested by the Costa Rican Petroleum Refinery (Recope).

With the entry into force of the increase (in the middle of next week), the price of each liter of super gasoline will go from ¢ 700 to ¢ 708 and that of the plus from ¢ 683 to ¢ 689. The price of diesel will drop, and its cost per liter will go from ¢ 571 to ¢ 553.

Due to many factors

According to Recope’s arguments, this fifth consecutive increase in gasoline is due to many factors, among them, that when the Covid-19 vaccination begins, certain confidence in the economic recovery begins to be generated and causes an increase in the demand. In addition, the cost of the finished product at the international level, the exchange rate and the lag generated by the rate methodology used in the country continue to influence.

“Despite the fact that the international price of gasoline fell slightly last March, the accumulated increases that have been taking place from November to March reaches 71% and affects the national price.

“The terms of the pricing methodology applied by Aresep cause the so-called tariff lag that must be corrected every two months; now it corresponds to January and February, when there were strong increases in the international market,” explained the Refiner.

Another increase on the way

In addition to this increase that will govern next week, the regulatory authority is analyzing another request for an increase made by the gasoline operators. In this case, it is a request for an increase of ¢ 14 per liter in all products (super, plus and diesel) due to the economic impact they have had due to the Pandemic. This increase would take effect at the end of May.

For their part, the regulatory entity recognizes that the rate formula used to calculate the price of hydrocarbons in the country requires changes and therefore they carry out a study of the changes that could be applied this year to achieve that the rates “are fairer “. In addition, in the Aresep they ask Recope and all the entities involved in the fuel supply service” to assume their responsibility” regarding the constant increases that have taken place during this 2021.

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