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No. 53 of La Gaceta No. 131
on the 9th of July, 2001, which
established a single tax per
fuel type, whether domestic or
imported. Article 3 states that
the Ministerio de Hacienda shall
update by executive decree, on a
quarterly basis, the amount of tax,
according to the variation of the
consumer price index determined
by the Instituto Nacional de
Estadística y Censos (INEC)
(adjustments may not exceed 3%).
It should be noted that when
taxes are excluded, fuel prices
in Costa Rica are the cheapest in
Central America; this is because
the tax burden is the strongest
in the region. However, it should
also be noted that freight service
costs and margins must also
be added to selling prices at
RECOPE´s terminals. This is the
only country in the region with
a single price system; all others
follow a liberated price system.
The oil bill / importation features
as the main cost. International
prices of crude oil and its
derivatives vary on a daily basis
due to supply and demand forces,
changes in the value of the dollar
and stock market speculation.
Because Costa Rica is not an oil
producing country, it depends
on these markets, and fuel prices
become subject to variations
in the international commodity
and its derivatives. RECOPE’s
experience in these 50 years
holds that the prices of finished
products tends to rise in times of
shortage or international conflicts,
while the variation of crude oil
remain more stable. The new
refinery project seeks to minimize
this uncertainty by fostering the
possibility of obtaining a supply
of crude oil directly from allied
governments.
The variations in international
prices interact with the colones´
fluctuations because of monetary
policies. Both of these conditions
cause constant fluctuations in
prices.
Today for or every $20 that
consumers pay for gasoline only
near $1.5 are destined to cover
RECOPE´s costs and expenses.