LatinNews Daily - 05 August 2022

In brief: Costa Rica’s Chaves promises to cap fuel prices

* Costa Rica’s President Rodrigo Chaves has announced plans to send down a legislative bill which would cap fuel prices, under which the limit for premium and regular gasoline would not exceed ¢900 (US$1.34) per litre while the price of diesel would not exceed ¢800 per litre. His announcement comes as Costa Rica’s public services regulatory authority (Aresep) recently announced a new rise in fuel prices. According to the local media, as of today (5 August), premium and regular gasoline will increase by ¢88 per litre to ¢1,104 and ¢1,081 respectively while diesel will increase by ¢131 to ¢1,004 per litre. In a press conference with Chaves, José Manuel Quesada, the president of state-owned oil refining company Refinadora Costarricense de Petróleo SA (Recope), said that the increase owed to two reasons – international fuel prices and fluctuations in the exchange rate. Chaves’ announcement is in line with his government’s declared efforts to address soaring living costs, with inflation running at an annual rate of 10.06% in June 2022 – the highest annual rate in a decade.

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