Saudi Oil Export Halt Adds Uncertainty to Costa Rican Fuel Prices
Saudi Arabia's Red Sea oil exports have been halted since Saturday due to drone attacks on its East-West pipeline. This disruption has added uncertainty for Costa Rica, which imports all of its fuel. The halt follows months of restrictions on shipping through the Strait of Hormuz.
International oil prices rose amid the attacks and ongoing uncertainty over Hormuz. For Costa Rica, the connection to world markets is direct. The Regulatory Authority for Public Services (Aresep) sets fuel prices each month based on import costs reported by the state refiner Recope.
Aresp's previous adjustment in September pushed some prices higher. Diesel prices rose ₡82 per liter from ₡606 to ₡688, about $1.53 per liter ($5.79 per gallon). Super gasoline also increased ₡22 to ₡726, about $1.62 per liter ($6.11 per gallon).
The Finance Ministry projects that public debt will remain above 60% of gross domestic product for the coming decade. The ministry's data show that 72% of its ₡32.4 trillion in borrowing comes due between 2027 and 2036.