Costa Rica still has the most expensive gas prices in Central America. As of today, a gallon of regular gasoline costs $3.75, but that could soon change, according to some forecasts.

According to The Costa Rican Times, the price of gasoline in Costa Rica could actually go down by at least 25 % in the upcoming months or so. The report says that the Public Services Regulatory Authority (ARESEP) approved lower gas prices that would certainly benefit motorists everywhere.

Juan Manuel Quesada, who heads ARESEP, announced that there will be a possible lowering of the price of petrol in March of this year.

There is a new method of calculating oil prices, which was approved late last year. The oil price change might be due to the implementation of this new pricing methodology.

The Costa Rican Times reports that the initial request for the oil price adjustment had a public hearing on Thursday. There was a proposal for a reduction of ¢10 for Super gasoline, and ¢9 for regular and diesel.

Just last year, ARESEP approved a ₡72 decrease in the per liter price of Super gasoline as well as a ₡63 cut for a liter of Plus gasoline. However, a liter of diesel, will cost ₡7 more.

Tico Times reported that ARESEP's Energy Manager Juan Quesada Espinoza explained that the lowered prices in gasoline would mostly mean a "decline in international prices due to high reserves and a stable demand in the U.S." It is to be noted that the international prices of diesel continue to remain stable.

The main factor that affects oil prices is the increase in the country's dollar exchange rate. The current price of diesel will remain at the lowest it has been in the past six years.

In a report with The Week UK, the recent slump, which has now lasted for over a year, is viewed as the "worst in post-war history."

Analysts fear that the world might "drown in oversupply" and that the "enormous strain" on global prices will likely be maintained. Financial analysts predict that the price of oil in the global market will most likely fall between $25 and $10 a barrel this year.