The Costa Rican Petroleum Refinery (RECOPE) requested an increase of up to ¢ 9 per liter in gasoline and a reduction of ¢ 8 per liter in diesel for October. In the event that the Public Services Regulatory Authority (ARESEP) endorses the request, the cost of a liter of gasoline would become ¢ 608, while the cost of a plus 91 would be ¢ 578 and diesel would be worth ¢ 487.
Now the extraordinary price adjustment study will be analyzed and submitted to a hearing by the Regulatory Authority and, if the request is approved, it would take effect next month, explained the press office of the state petroleum refiner.
For his part, the head of Economic and Financial Studies of the Petroleum Refinery, Luis Carlos Solera, explained that the factor that most influenced the request is the behavior of international fuel costs, added to the devaluation of the Colon, which went from ¢ 594.15 per dollar to ¢ 598.48 (0.73% more).
The spokesperson mentioned that the world scene was shaken by the passage of Hurricane Laura and Tropical Storm Marco at the end of the previous month. “Due to these two phenomena, it was necessary to close some oil platforms, which led to a cut in oil production of 1.5 million barrels per day. Additionally, some refineries on the Gulf Coast were closed for the equivalent of 15% of the refining capacity of the United States. What this does are that as there is a lower supply, the price tends to increase,” explained Solera.
Uncertain World Markets
The head of Economic and Financial Studies added volatility of the international price related to the renewal of the agreement by the Organization of Petroleum Exporting Countries (OPEC), tending to cut production. “This organization will meet the next week and whenever that happens, prices start to be somewhat volatile waiting for what is finally going to be decided,” said Solera.
For September, the Petroleum Refinery got the Regulatory Authority to approve an increase of ¢ 29 in each liter of super gasoline, of ¢ 19 in the plus 91, and of ¢ 50 in diesel. The requested increase was necessary due to “the tariff lag due to COVID-19, since the departure of inventories was very slow, causing these products to be sold at a lower price than the one purchased”, as justified in the previous extraordinary study.