Costa Rica: Recope Offers Slashed Fuel Prices On New Year

Costa Rica: Recope Offers Slashed Fuel Prices On New Year

Recope hopes to present reduced fuel prices to the nation, as the New Year closes in, which it has requested from the Public Services Regulatory Authority (ARESEP), taking into consideration parameters such as changes in the international cost and the average exchange rate.

As for Super Gasoline, reduction of about ₡ 27: in November the price was $ 77.79 per barrel and in December $ 73.94; a decrease of $ 3.85 per barrel, equivalent to a reduction of 4.95%.

For Gasoline Plus 91, reduction of about ₡ 12: in November the value was at $ 75.59 per barrel and in December, $ 72.48; this generates a decrease of $ 3.10 per barrel, equivalent to a decrease of 4.11%.

In the case of Diesel 50: there is a variation of ₡ 12; in November the cost per barrel was $ 77.38 and in December, $ 77.53; that is, a decrease of $ 0.15 per barrel, which represents a reduction of 0.20%.

There is a local revaluation of ₡ 3.84 in the colón, passing from ₡ 570.35 per dollar in the extraordinary study prior to ₡ 566.52 in the current one, equivalent to a decrease of 0.67%.

With the aim to boost the price rise and thus achieve the long-awaited balance between supply and demand, the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, decided to extend, until the end of 2018, the cut in fuel production.

Since January, the agreement on cuts has been in effect, which had been renewed once in May for nine months. The 24 OPEC countries are led by Saudi Arabia and Russia, two of the three largest fuel producers in the world.

Oil drilling activities in the United States will cancel OPEC's efforts fears producer countries, given that at a higher price, the number of shale products in that country increases and they put pressure on the prices down. In the last 18 months, data on production, in the United States indicate that this activity has rebounded by almost 15%.

Producers consider that the supply-demand relationship remains unbalanced, even though the measure of OPEC cuts has managed to push prices up in 2017. PWKD12122017

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