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Government explains reason for recent fuel price increases

By on December 28, 2015
Pumping fuel

Pumping fuel

Monday, December 28, 2015. San Ignacio, CAYO. Kimberly Locke. Belizeans began paying more for fuel at the pumps today, Monday, December 28, 2015.

The official announcement of the hike in pump prices was made just before Christmas indicating that Premium gasoline and Diesel would see a 65 cents jump in the per gallon price.

Regular gasoline went up by 57 cents.

The Ministry of Finance today sent out an explanation detailing that with the arrival of the latest shipment of fuel, the new Import Duties, meaning government taxes being added is as follows: Premium Gasoline $2.96 per gallon.

Regular gasoline $2.73 per gallon. And Diesel $1.92 per gallon.

The bottomline is when you go to the gas station, the pump prices are as follows: Premium: $9.30; Regular: $8.52 and Diesel $7.00 per gallon.

The official release explains that the latest increase has become necessary, as fiscal consolidation measure to strengthen public finances at the start of the new calendar year and to compensate for the decline in revenues linked to the decline in domestic oil production.

Government says it anticipates that pump prices will stabilize at a point below $9 for Premium and $8 for Regular in the coming weeks.

Diesel is expected to stabilize at below $6.50 cents per gallon and remain in tandem with the decline in world oil prices.

One Comment

  1. MNHG

    December 28, 2015 at 9:15 pm

    “THE BEST IS YET TO COME”
    WORLD PIRCES DOWN, BELIZE PRICES UP…UPPER AND MORE HIGHER THAN EVER…VOTE UDP. THE BEST IS YET TO COME !!!
    LOOK AT GEORPE PRICE AVENUE,GOING TO THE LOW WOODEN BRIDGE !!!
    SHAME, NO PROBLEM, THE BEST IS YET TO COME ????? THINK SO?

    Reply

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