By Benjamin Flowers
Staff Reporter

Only two weeks after the price per gallon of Regular fuel went down by 16 cents, the price has shot back up by 27 cents at midnight on Thursday for the 14th adjustment of fuel prices for 2017. The news comes on the heels of a recent protest by angry drivers over the high cost of fuel and little more than a month after Prime Minister Dean Barrow promised lower fuel prices.

The price change, which took place at midnight on November 9, sent the price of Regular fuel from $10.13 to $10.40. Premium fuel got a reduction in the latest price change, going from $11.92 to $11.07.
Even with the reduction in Premium fuel that Financial Secretary, Joseph Waight foretold earlier this week, Premium is still above $11 dollars, while Regular went even higher than it was before the moderate October 25 price reduction that PM Barrow had promised.

While he didn’t say if prices would go any higher, Waight said, given the world price of fuel, prices in Belize are as low as they will go.
“I think we have plateaued. Hopefully, it goes down some more, but it all depends on what happens internationally. There could be a scare in Iraq, or Iran, or something, and boom, it goes back up again,” Waight said.

Last month 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.” That promised price reduction happened to be only 16 cents.

After 14 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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