Costa Rica's Oil Bill Up 60%

In the first six months of the year $818 million was spent on oil, 60% more than the $510 million spent in the same period of 2009.

Wednesday, August 11, 2010

According to information from the Costa Rican Central Bank (BCCR), the increase in the number of barrels consumed was 6%, going from 8.89 million to 9.57 million.

"In 2011, BCCR forecasts the country's oil bill to increase 14.8%, making it the main cause of the balance of payments current account deficit. In the first half of the year the price is predicted to be around $93.10 per barrel," reports La Prensa Libre.

More on this topic

Nicaragua's Fuel Bill Increases 80.7%

April 2011

In the first two months of the year, imports totaled $197.1 million, 80.7% more than in the same period of 2010.

The increase in the price of fuel will affect companies' transport costs and these in turn will impact product prices in a kind of domino effect.

Crude oil imports rose 4% in volume terms but in economic terms this equates to $200 million, 80% more than the amount purchased in the same period last year, since the price of a barrel has gone up to $90, according to a report from the Nicaraguan central bank (BCN).

Oil Expenditure Increases 49% in El Salvador

September 2010

In the first eight months of the year oil imports rose to $ 987.8 million, 49.4% higher than the $ 661 million from the same period in 2009.

Traders and analysts attributed the increase to basically two factors, a higher price and an increase in domestic demand.

Daniel Choto of Elsalvador.com writes, "The greatest concern is that international crude price remained at around $ 75 during the period, well above-average closing price of late 2009, in which it went down substantially from the highs reached on July 11, 2008, when it reached $147 a barrel.”

Demand for fuel drops 7% in Costa Rica

November 2008

Last October Costa Rica consumed 1,356,307 barrels of fuel - a 7% drop from the previous month.

Plus 91 gas consumption fell 6.8% going from 319,956 barrels in October 2007 to 297,948 barrels last month. Diesel also was reported to...

Oil Purchase Up 29% in Honduras

March 2011

2010 imports totaled $ 1.486.8 million, $ 335 million more than 2009.

By type of fuel, diesel leads with 33.8%, followed by bunker with 31% and gasoline with 26.7%.

Government projections for 2011 expect a 30% increase, reaching $ 2.000 million.

"In the opinion of the president of the Central Bank of Honduras (BCH), María Elena Mondragón, the population is now forced to carry out cost-saving measures, as well as the state and government", reported Latribuna.hn.

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