Regulatory Authority Oks Hike in Gas, Taxi Prices

February 4, 2005

THE Public Services Regulatory Authority(ARESEP) this week approved anincrease in fuel prices by between 3-5%,effective today.The agency approved a 3.82% hike inregular gasoline, from ¢340 ($0.74) to¢353 ($0.77) per liter. The hike for“super” gasoline is 4.23%, from ¢355($0.77) to ¢370 ($0.80) per liter. Dieselincreases from ¢254 ($0.55) to ¢264($0.57) per liter and kerosene from ¢267($0.58) to ¢279 ($0.61) per liter. The newprice of propane gas bought in cylindersis 3.75% higher than before.ARESEP attributed the rate hike to anincrease in the international cost of petroleum,the devaluation of the colón and thegovernment’s update of the fuel tax.In related news, taxi prices will nowincrease every February and August,according to a new formula establishedby ARESEP.The formula takes into account theprice of gas, salaries, the value of the colónagainst the dollar and other operationalcosts.“Since 2001, taxi companies have notseen a tariff increase based on more thaninflation,” said ARESEP spokeswomanCarolina Mora.The first increase based on the newsystem is expected within two months.

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