The rising cost of oil in international markets will result in a hike in Costa Rica's gasoline prices and taxi fares, according to the Public Services Regulatory Authority (ARESEP).

On Sept.16, taxi fares will go up ¢ 25 to ¢ 455 (78 cents) for the first kilometer and ¢ 30 (5 cents) for every additional kilometer.

Gasoline and diesel prices will go up by about ¢ 34 (nearly 6 cents) a liter, pushing the cost of a super gasoline to ¢ 601 ($1.03), regular gas to ¢ 582 ($1) and diesel to ¢ 506 (87 cents) per liter.

For those with cars that hold up to 45 liters, the rise will see an increased cost of ¢ 1.530 at the pumps for a full tank.

This marks the sixth rise in gasoline prices this year, with a barrel of oil in international markets now costing around $70.