By Benjamin Flowers
The price for fuel in Belize has changed for a third time in less than a week.
The Ministry of Finance announced on Monday that the pump price for diesel fuel decreased by 42 cents, bringing it from $7.00 to $6.58 per gallon. The Government of Belize explained that the reduction was due to the Cost, Insurance and Freight (CIF) price on the latest shipment of fuel. The change took effect as of midnight on January 4th.
The ministry said it is Government’s policy to pass on all future reductions in the CIF prices of fuel directly to the prices at the pump.
“The Government intends to maintain the current level of duties and taxes without change on these products,” GOB said.
On December 28th GOB announced that fuel prices would undergo a sharp increase in an attempt to strengthen public finances, coupled with higher CIF prices on that shipment of fuel.
Financial Secretary Joseph Waight, explained that the import price increase will be used to compensate for falling revenues from Belize’s oil industry.
The import duties on premium gasoline and diesel oil increased by 65 cents Belize per U.S. Gallon while the import duty on regular gasoline increased by 57 cents Belize per U.S. Gallon.