Why Costa Rica Is Holding Up Surprisingly Well in the Current Global Crisis.
Over the past two weeks, I have received quite a number of questions about what the war in Iran, the closure of the Strait of Hormuz, and the current fuel price shock in the Czech Republic mean for Costa Rica. That is hardly surprising. In the Czech Republic, we are seeing fuel prices rise day by day, and Andrej Babiš’s government has already introduced extraordinary market intervention measures in response to the sharp increase, including a cap on fuel station margins and a reduction in excise duty on diesel.
This is exactly why investors are naturally asking me how the same global pressure is affecting fuel prices in Costa Rica and everyday life here more broadly. They are interested not only in the current price of gasoline and diesel, but also in the wider implications: the impact on transport, supply chains, construction, hotel operations, property management, and the country’s overall investment economy.
That is precisely why I decided to write this article and focus on the current situation in Costa Rica. Easter Monday is already a working day here in Costa Rica, and as of today fuel prices have officially increased, effective from today, as follows:
● Súper gasoline – current price ₡632 per litre – approximately €1.17 per litre (95-octane gasoline, the closest equivalent to Czech Natural 95)
● Diesel 50 – current price ₡565 per litre – approximately €1.05 per litre
At first glance, it may seem that the war in Iran and the closure of the Strait of Hormuz must make gasoline and diesel more expensive everywhere to the same extent.
This is exactly where comparison becomes important. Yes, the current crisis is having a real impact on fuel prices here in Costa Rica.
So far, however, that impact has been significantly smaller than in the Czech Republic and in many European countries. While in the Czech Republic Andrej Babiš’s government approved an extraordinary market intervention as early as 2 April, including a cap on fuel station margins and a reduction in excise duty on diesel, because average prices had risen to CZK 41.60 per litre for gasoline and CZK 48.33 per litre for diesel, the latest official adjustment in Costa Rica brought only relatively moderate changes: gasolina súper fell by 1 colón, gasolina Plus 91 increased by 21 colones, and diesel rose by 35 colones.
These figures alone show that the global pressure associated with the war in Iran and high fuel prices is affecting Costa Rica as well, but so far much more mildly than the Czech and broader European market.
The reason lies in how the Costa Rican fuel market is structured. RECOPE, or Refinadora Costarricense de Petróleo, is a state-owned public company entrusted by the government with monopoly control over the import and distribution of fuels.
RECOPE is also the only company in Costa Rica that imports and distributes fuel within the country. Even more importantly, the products sold by RECOPE are imported from the U.S. Gulf Coast, not directly from Iran or the Persian Gulf. This means that Costa Rica is not directly tied to Iranian oil, but rather to international refined product prices and to the way the global shock is transmitted into prices on the U.S. market.
It is equally important to understand that final prices at Costa Rican fuel stations are not set by a free daily market. The regulator, ARESEP, reviews fuel prices on a monthly basis and applies a tariff-based methodology. This methodology takes into account the purchase prices of the products acquired by RECOPE, the exchange rate, and other regulated components.
That is precisely why the global crisis is not reflected in Costa Rican fuel prices as quickly or as sharply as it is in Europe. Fuel prices in the Czech Republic react far more sensitively to the European price shock, logistics, taxes, and the competitive market environment, whereas the Costa Rican system absorbs part of the volatility and spreads it over time. That does not mean, however, that Costa Rica is immune to the current situation. The Strait of Hormuz remains one of the most critical points in the global energy market.
According to the IEA, around 20 million barrels of oil and petroleum products per day passed through it in 2025, representing roughly 25% of global seaborne oil trade, and approximately 80% of these flows were destined for Asia. Once such a key route is disrupted, it is no longer just a Middle Eastern issue. Global oil prices, refined product prices, and shipping risk rise immediately, and that pressure then spreads even to markets that source their fuels elsewhere. That is exactly why it is accurate to say that the current war in Iran and the closure of the Strait of Hormuz are also affecting gasoline and diesel prices in Costa Rica, but so far much less than in the Czech Republic.
The Czech market is dealing with sharp price increases, government intervention, and strong public pressure. Costa Rica, by contrast, is for now facing a more moderate, regulated, and delayed transmission of the same global problem. For Czech investors, this is an important point: yes, Costa Rica is feeling the global energy crisis, but its pricing system and its supply link to the U.S. Gulf Coast are, at least for now, keeping the impact on local fuel prices relatively more stable than in Europe.
If you are considering investing in real estate abroad and my native Costa Rica is on your radar, I would be delighted to introduce you to investment opportunities that are carefully selected, verified, and make sense not only on paper, but also in real operation and from the perspective of long-term value.
As a Costa Rican who has also worked for many years with investors from the Czech Republic and across Europe, I know our real estate market in depth and understand how essential it is to distinguish between an attractive-looking offer and a genuinely high-quality investment.
I focus on properties and projects built on strong locations, real demand, professional management, and meaningful yield potential. If you want to approach Costa Rica as a well-considered and professionally guided investment, I would be happy to walk you through specific opportunities.
