Fuel prices to increase in August for 8th hike this year

July 18, 2008

The price of fuel across the board will see another hike from ¢16-¢18 in mid-August, the eighth hike in as many months.

The Public Services Regulatory Authority (ARESEP) approved a request by the National Oil Refinery (RECOPE) to increase fuel prices due to spiking international petroleum prices and a volatile exchange rate.

But the authority rejected RECOPE´s request for another ¢24 hike within the next six months. In its request, the refinery cited losses of ¢32,321 million (about $61,400) due to rising international petroleum prices and Costa Rica´s formula for establishing the price of fuel.

“The petition was rejected in order to be able to analyze all of (RECOPE´s) accounts more extensively,” said Fernando Herrero, ARESEP´s general regulator. “We are working with RECOPE so that they can make another request as soon as possible.”

The most recent price increase went into effect on July 15, placing super at ¢716 ($1.33) per liter, regular at ¢704 ($1.3) and diesel at ¢710 ($1.31).

With August´s price hike, super will increase to ¢732, diesel to ¢726 and regular to ¢721.

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