Sala IV Asked To Order
Regulator To Change
Method Of Fixing
Gasoline Prices
The current method used
to set gasoline prices
in the country, that can
take up to two months
following a variation in
the international price,
will be decided by the
Sala Cuarta
(Constitutional Court),
following an appeal by
the former "regulador
general", Leonel
Fonseca.
Fonseca on Monday
presented a recurso
amparo (writ of habeas
corpus) against the
Autoridad Reguladora de
los Servicios Públicos (Aresep)
- regulator of public
prices and services - in
the way it handles the
prices of gasoline, as
Costa Ricans have to
wait months to take
advantage of lower
international prices.
Fonseca said he took the
action because while the
Aresep takes its time to
approve a drop in
prices, the state
refinery, Refinadora
Costarricense de
Petróleo (Recope), lines
its pockects with
increased profits.
Fonseca says that the
current situation
violates Ley 7593 of the
Aresep, as consumers are
forced to pay prices
hight than its real
cost, leaving Recope an
illegal and abusive
profit.
The former regulador
states that Recope has a
profit of ¢59 billion
colones in 2007, while
its profit for last
September reached ¢33
billion.
In his write, Fonseca is
asking the magistrates
of the Constitutional
Court to order the
Aresep to define a new
method to set gasoline
prices, taking into
account prices changes
on world markets and the
expenditures of Recope.
Currently gasoline
prices in Costa Rica
have not reflected the
drop in the price of
crude oil on
international markets
during the last several
weeks.
A litre of regular
gasoline in Costa Rica
sells today for 665
colones (us$1.20 at
todays exchange rate) or
us$4.67 a US gallon
(us5.44 for a Canadian
or Imperial gallon),
while the cost in
Colombia, for instance,
is us$3.47 or us$2.61* a
gallon in Nicaragua.
Carolina Mora, a
spokesperson for the
Aresep, would only say
that the current price
fixing method is under
analysis.
* Source: CNN Money
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