Gas prices could rise in Costa Rica following request from state oil refinery

May 11, 2015

Per liter prices of gas could go up again in June if a petition filed last Friday by the Costa Rican Oil Refinery (RECOPE) gets approved.

The refinery submitted a request to the Public Services Regulatory Authority (ARESEP) to raise fuel prices by ₡43 per liter of Super gasoline, ₡34 per liter of Plus gasoline and ₡35 per liter of Diesel.

If the regulatory agency approves the request, a liter of Super gasoline would cost ₡642 ($1.19), Plus gasoline will go up to ₡610 ($1.13) and Diesel to ₡513 ($0.95).

RECOPE cited a rise in international oil prices as the main reason for the hike request. According to the refinery, increases are being driven mostly by reduced oil reserves in the U.S. in recent weeks.

ARESEP will evaluate the request and then will submit it for public consultation before issuing a final ruling.

If approved, it would be the fourth consecutive hike in fuel prices, following eight cuts approved by ARESEP between 2014 and 2015.

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