Costa Rica’s Oil Bill Cut in Half
Costa Rica’s oil bill fell 53% between
January and August, compared to the same
period in 2008, due to the sharp drop in oil
prices, falling vehicle imports and a
general decline in economic activity, state
refinery Refinadora Costarricense de
Petroleo (Recope) said Sunday.
Recope , the monopoly on gasoline products -
spent us$1.59 billion during the first eight
months of 2008 to buy oil, while the bill
for the same period this year came in at
us$749 million.
Purchases of crude oil and petroleum
derivatives, such as diesel and gasoline,
were reduced, Recope said.
Recope said it imported 11.8 million barrels
of fuel in the January-August period, or 1.3
million barrels less than in the same period
in 2008.
Costa Rica especially benefited from the
drop in oil prices on the global market,
Recope finance manager Carlos Quesada told
the La Nacion newspaper.
In July 2008, oil prices hit nearly us$150
per barrel in intraday trading, but they
have averaged just us$60 to us$71 per barrel
this year.
The recession has reduced demand for fuel in
the key industrial and lodging sectors, and
trimmed vehicle imports, Quesada said.
Costa Rican officials expect the bill for
fuel imports to drop to us$1.26 billion this
year, well below the more than us$2 billion
tab registered in 2008. |
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