ARESEP to Bump Up Gasoline Prices

February 13, 2009

The Public Services Regulatory Authority (ARESEP) will “adjust” fuel prices this week by a maximum of ¢18 ($0.03) per liter.

The fuel hike was approved last week by the country’s regulator, using a new methodology introduced in November of last year.

The new method is based the price of processed petroleum in the international market over a 15 days, instead of the previous 30-day period.

The current price of super gasoline is ¢416 ($0.76) per liter; this week it will increase by ¢16 to ¢432 ($0.79) per liter.

Regular gasoline presently costs ¢408 per liter; the hike of ¢18 will make it ¢426 ($0.77) per liter. The price of diesel fuel will increase from ¢427 to ¢430 ($0.78).

The period that was taken into consideration for determining the amount of this increase ran from Dec. 25, 2008 to Jan. 8.

This week the National Oil Refinery (RECOPE) reported that the International Monetary Fund predicts worldwide petroleum consumption will decrease by 1.1 percent compared to last year’s consumption numbers.

On Wednesday, the price of a barrel of oil floated between $40 and $45.

–Vanessa I. Garnica

 

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