Gas Prices Decrease 5.9% Today

May 20, 2005

THE Public Services RegulatoryAuthority (ARESEP) this weekannounced a 5.9% reduction in gas pricesand a 6.2% reduction for diesel.The prices take effect today, accordingto a statement from the National OilRefinery (RECOPE).The new rate for regular gasoline is¢381 ($0.80), down from ¢405 ($0.85).super has dropped from ¢424 ($0.89) to¢399 ($0.84), and diesel from ¢305($0.64) to ¢285 ($0.60).The reduction is the result of a governmentrequest to make a quick decisionto reduce prices based on internationaltrends toward lower petroleum prices.Vice-President Lineth Saboríoannounced at a press conference Saturdaythat the government, through RECOPE,would ask ARESEP to consider lowerprices based on a steady decline of petroleumprices on the international marketover the past 15 days. The request wasmade on Monday.She also said the government wouldask ARESEP to hasten its consideration ofthe request. Normally, the authority takes15 days to resolve such requests.This is the first decrease in gas pricesthis year and follows three increases,including one of 10%.Saborío said one reason for a quickdecision is that “with every day that passes,Costa Ricans’ wallets are hit harder.”

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