November 1st, 2012 (InsideCostaRica.com) The “extraordinary modifications” of fuel prices may no longer need to be submitted for public consultation, as has been the process since 2008, if lawmakers accept a change in the current law.
The Costa Rican government is currently working on a new law designed to speed the process of adjusting the country’s fuel prices. The law will be presented to legislators for its approval.
“Extraordinary modifications” in price are those that are caused by international market fluctuations and the dollar exchange rate.
Currently, whether it’s a modification to increase or decrease the price, it has to be submitted to public consultation through the Public Service Regulating Authority
(ARESEP, in Spanish). The entire process typically takes about a month.
The Costa Rica President, Laura Chinchilla, said recently that the process is excessively long, and therefore proposed eliminating the public consultation process completely, shortening the process from one month to a maximum of two days.
Although the new law is being pitched as a benefit to consumers, it affects not just price decreases but eliminates the public consultation process for price increases, as well.