Costa Rica News – Although many of us are enjoying the fact that the price as the gas pump has dropped drastically recently, the real question is how much lower could it go if Recope ran their business efficiently as if there was competition?
Recope, the Costa Rican Petroleum Refinery used ¢1,043 million (about $2 million) from their operating budget to finance activities related to the Chinese refinery. Aresep audited them and found that they paid salaries, international travel and services with this money although it should have been used on service improvements or returned to fuel consumers.
These contributions to the refinery were never approved by the regulatory authority or considered when calculating fees, according to Juan Manuel Quesada, mayor of energy at Aresep.
Recope issued a press release saying that they will study the audit immediately but also that there is no anomaly or illegality in their acts. There was confusion over whether the money could be used to support the refinery or just to acquire hydrocarbons.
One of the suggestions for improving this matter of confusion is to make fee adjustments every two months rather than annually, to incorporate all needed changes in a legal way and not affect the consumers.
Although this audit proves mismanagement of funds do not expect consequences for these actions anytime soon. Recope is putting too much money in the Costa Rican government’s pockets.