Costa Rica to see universal fuel hike; fate of diesel in balance

July 4, 2008
 
The price of gas and diesel in Costa Rica will again hike from ¢60-¢88 ($.12-$0.17) as of July 15 due to the rising price of oil and the weakening colón, according to a government authority.
 
The Public Services Regulatory Authority (ARESEP) announced the increases in regular, super and diesel on Friday. Regular will jump by ¢60, from ¢644 to ¢704; super by the same, from ¢656 to ¢716; and diesel by ¢88, from ¢622 to ¢710.
 
ARESEP passed the price hike despite a bill currently before the Legislative Assembly that would transfer the diesel tax to regular and super and provide ¢10 billion (about $19.4 million) to the National Oil Refinery.
 
Should the bill pass, the tax for regular would move from ¢165.75 ($0.32) to ¢306 ($0.59), while that for super would increase from ¢173.25 ($0.34) to ¢325.50 ($0.63).
 
Fernando Herrero, ARESEP’s general regulator, said the authority was obliged by current standards to approve the increase in the price of diesel.
 
However, “as soon as the Legislative Assembly approves the diesel subsidy and the Treasury Ministry sends the money to RECOPE, a process to reduce the price (of diesel) will begin,” Herrero said.
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