Business

Premium fuel going down soon says FinSec

Less than a month after the last marginal reduction in gas prices, Financial Secretary Joseph Waight is signaling that a drop in the price of Premium fuel is on the way.

Waight told the media this week that the Government of Belize is expecting a new shipment of premium fuel, which should come at a lower cost, which will translate to lower pump costs. Waight did not say how much GOB expects the price to go down by, but noted that the reduction would possibly be the last for some time.

“I think we have plateaued. Hopefully, it goes down some more, but it all depends on what happens international. There could be a scare in Iraq, or Iran, or something, and boom, it goes back up again,” Waight said.

The current price per gallon for Premium fuel stands at $11.92. In October the price per gallon for regular fuel went down by 16 cents from $10.29 to $10.13. At that time, Prime Minister Dean Barrow explained that, by GOB’s calculations the price of fuel would see “a further decrease in prices to below where the prices were when we had that spike.”

After 13 gas price adjustments for the year 2017, critics have found it difficult to determine when gas prices actually “spiked” for this year. The cost of Premium fuel had been above $10 since the first price adjustment in February, while Regular exceeded $10 in June. Diesel is currently on its way to $10, resting at $9.50 since October.

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