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Fuel Price Down, But Going Back Up!

Fuel Price Down, But Going Back Up!
July 13
11:24 2018
Benjamin Flowers: Staff Reporter

Pump prices for fuel have changed 11 times this year, and that is generally bad news for consumers. But this week, for a change, there is some good news as the price of Regular fuel had dropped below $11.

But the good news may be fleeting, as the Ministry of Finance warns that “With the step-up in oil production planned by Saudi Arabia and Russia in the coming months, the decrease in fuel prices that Belize observed in recent shipments may be stabilizing, as the world market price of crude oil is expected to trend upwards with the expected higher oil output.”

With respect to the new prices, the Ministry announced this week that as of July 7, the price of Regular fuel and Kerosene would be reduced by 13 cents and 43 cents respectively. Following the price adjustment, the price per gallon of Regular fuel in Belize City fell from $11.02 to $10.89, while Kerosene fell from $8.64 to $8.21.

The pump prices of Premium and Diesel fuels remained at $11.71 and $10.65 respectively. The ministry explained that the price decrease was the result of a shipment that was procured by PUMA earlier last month when global oil prices were still declining.

The Ministry added that central government will continue to closely monitor the fluctuations in prices and remain in dialogue with the importer, PUMA Belize, as well as other stakeholders in the local supply chain to work out ways to keep prices in check as much as possible.

The government of Belize has maintained that there will be no reduction in the taxes charged on fuel. According to Prime Minister Dean Barrow, even a reduction in taxes of ten cents would affect the Budget by millions of dollars.

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