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Published Wednesday,
April 22, 2020
Gas price freeze to
createfund to help unemployed By the A.M. Costa Rica staff The deputies of the Legislative Assembly approved in the first round of voting the bill that allows the freezing of fuel prices. The bill passed with 50 votes for and 1 against it. The goal is to freeze fuel prices for three months in order to raise approximately ₡27 billion colones, approximately $47,706,354, which will be used to benefit 75,000 families across the country, said Franggie Nicolás, a deputy of the Legislative Assembly. According to the deputies, file No. 21.909, entitled Law for the protection of working people, creates a fund with the excess of fuel prices that will be used to give aid to people who lost their jobs during the emergency due to covid-19. The new law will freeze the price of fuel for three months. This way the excess in the price of fuels sold in Costa Rica will be saved because of the worldwide drop in oil prices. The profit on gas rates allows for the creation of a relief fund for people who lost their jobs due to the covid-19 crisis. The law, if needed, can extend the freeze for three more months, said the Legislative Assembly in its statement. The law includes a freeze on the current diesel rate, mainly used in trucks or goods transport vehicles, fishermen boats, tractors and production equipment, as well as public transport vehicles. Once the law is approved, the gasoline service stations must maintain the same price of fuel for the next three months. The profit on fuel price will be collected by the Costa Rican Oil Refinery, RECOPE, and transferred to the Ministry of Finance, within the first five business days of each month. The price of a barrel of oil in international markets closed at -37.37 on April 20, reported the Organization of the Petroleum Exporting Countries, OPEC. The average price of fuel in the country is ₡580, approximately $1.02 for a liter of Super gasoline, and ₡555, approximately 98 cents USD for a liter of Plus gasoline, reported RECOPE on Tuesday. It is expected that today the government will make an announcement giving final approval on the new law freezing gas rates for the next three months. ----------------------
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