Petroleum monopoly predicts cut in gas prices of about 9 cents a liter

The Refinadora Costarricense de Petróleo predicts a drop in the price of motor fuel in February.

Despite the drop in petroleum prices of more than 50 percent to below $50 a barrel, the national refinery said it sees a cut of 47 to 51 colons in a liter of gasoline and 53 colons in diesel. 50 colons is about nine U.S. cents.

The refinery has imported all its gasoline since 2011.

The February date was used because the pricing system of  the Costa Rican regulator takes more than a month to be effective. There ae hearings and publication.

The price of gasoline is based mostly on the world price of petroleum and the exchange rate with the U.S. dollar. Costa Rica has the highest fuel prices in Central America.

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