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Drop In Gas Prices Approved

The drop is expected to go into effect before the end of the month.

In the coming says, mostly likely before the end of the month, the price of gasoline will drop ¢25 colones for a liter of super; ¢28 for a liter of regular; and ¢20 for diesel fuel.

On Friday, the Autoridad Reguladora de los Servicios Públicos (Aresep) – government regulator of public prices and services, approved the decrease, which now requires the publication in La Gaceta (within five working days) before they can effect (the following day after publication).

According to the Aresep statement to the press, the adjustment is due to an excess inventory of both crude oil and finished products the U.S. market.

In addition, the regulator added, China has increased exports of refined products and this has an impact on the prices.

Costa Rica’s oil refinery, the Refinadora Costarricense de Petróleo (Recope), imports finished products for distribution to gasoline stations the country and that the fixed price by the Aresep.

Once the lower prices go into effect, the cost of a liter of super at the pumps will be ¢597 (current price is ¢622); regular will be ¢569; and diesel will be ¢450.