Gas Hike On The Way; Cold Weather Blamed
According to the Refinadora Costarricense de Petróleo (Recope) the cold weather of the last couple of weeks will result in a higher gasoline prices at the pump. The price increase is expected in the coming week, as Recope waits a formal reply by the Autoridad Reguladora de los Servicios Públicos (Aresep).

Recope says that the cold weather and the threats of cuts in production by the Organización de Países Exportadores de Petróleo (OPEC) all contribute to rising crude oil prices on world markets.

In Costa Rica all prices for public services and products like gasoline need to be approved by the Aresep, which has fifteen business days from receiving a request and then five business days to have the change published in the official government publication, La Gaceta.

The Aresep moved quickly in approving gasoline price reduction during the last six months, in the last case, it approved a price reduction the same day it received it.

Although Recope is confident that it will get the approval this week and see a price hike at the pump by not later than the end of next week, in reality, and given the government closings for the holiday period, even if it approves the hike by the 15th business day, it cannot be published in La Gaceta until January.

The increase, if approved is for ¢11 colones for a litre of super or regular gasoline.

The new price would raise the price of super gasoline from the current ¢504 to ¢515 per litre and regular from the current ¢474 to ¢485 per litre.