Petroleum monopoly wants adjustments in pricing formula

The national petroleum monopoly is seeking a study that it says will insure the resources for providing the country with fuel.

The refinery,  Refinadora Costarricense de Petróleo S.A. directed its request to the nation’s price regulating agency, the Autoridad Reguladora de los Servicios Públicos.

The national petroleum firm is suggesting increases in the per liter price of fuel that would bring super gasoline to more than 700 colons a liter. That is about 2,660 colons per U.S. gallon or $5.40.

The company said that such increases are needed to insure the investments necessary to handle future demand.

The Autoridad sets the fuel prices each month based on the dollar rate of exchange and the world price of petroleum. Costa Rica has one of the highest fuel prices in Central America. The proposal by the refinery firm would make adjustments to the price formula to allow for construction of infrastructure, among other changes.

Costa Rica imports all of its petroleum. Efforts to drill for petroleum off the Caribbean coast and more recently in the northern zone have been frustrated by environmentalists and opposition from the central government.

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