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#402267 - 03/12/11 12:10 PM Fuel going down for 1 month
Marty Offline

Dean barrow

The 2011-2012 Budget was presented in the House of Representatives this morning. It is called Celebrating Growth, Sustaining Recovery and is to come online on April first. Before we get into the full figures, there’s a projected deficit, an increase in recurrent expenditure due to the wage bill and a slight increase in revenue and grants. But a few bright spots: as promised there will be no new taxes; taxes will be removed from kerosene and for good measure, the PM announced that an expected price hike in the price of fuel tonight, will be held-off. The flip side is that it is only a one time deal and prices will continue to go up thereafter.

Dean Barrow

“For effective this very day, we will signed into a law a statutory instrument that will zero rate the GST on gasoline, illuminating kerosene and diesel. In its place, we will increase the import duty on gasoline and diesel at a fixed specific rate amount. This amount will not be equivalent to what the GST take is currently—at over one hundred U.S. dollars per barrel, but it will be equivalent to what the GST take was when the world oil prices were in the U.S. eighty-five dollar per barrel range. In effect Mister Speaker, the Government will no longer gain, however slightly, from any rise in international oil prices. To repeat, we are in fact, rolling back the effective tax a little by import duty substitution at a rate equivalent to the GST position that existed in the idle of last year as oppose to the higher GST position that obtains now. But we go further, Mister Speaker, for we will not applied the makeup import duty to illuminating kerosene. This is mainly used by the poor and is currently import duty free. So we will now remove the GST from kerosene and replace it with nothing. There is a shipment of fuel due today and the pump prices were to increase by about a dollar twenty Belize per gallon for gasoline and a dollar Belize for kerosene and diesel. What government will do is, as I indicated, remove the GST, but for this shipment alone, we will not impose the substitute import duty. We will therefore make a huge revenue sacrifice. But I must caution, Mister Speaker, that this is a one time only gesture. When the next shipment after this arrives, around the end of March, it will have to be subject to the new import duty in lieu of GST. Because of what we’re doing and not imposing the GST or the substitute import duty, instead what will happen with the shipment coming in tonight, the price will go down to ten-thirty-nine for premium, ten-thirteen for regular, eight-thirty-six for kerosene and nine-sixty-one for diesel.”

John Briceño, Leader of the Opposition

John Briceño

“What he did skillfully, politically, is that he talked about not increasing the cost of fuel that would have gone up by about a dollar and twenty cents; but for one month. Obviously he is trying to remove that whole anger form the Belizean people with his budget—trying to find a way to ease that just for two weeks because as we all know shipments come in every two weeks. And he has already admitted that the price of fuel is going to go up in the next shipment that is going to come in.”

Barrow says that the government’s loss on the shipment of fuel is one million dollars.

Channel 5

#402268 - 03/12/11 12:11 PM Re: Fuel going down for 1 month [Re: Marty]
Marty Offline

Acquisition Price Of Fuel Spikes Sharply; GOB Absorbs the Difference

There's a fuel ship in port - which means the price of gas should be changing at midnight tonight. These days with all the upheaval in the Middle East, "changing" always means "going up." And this increase was going to be killer: as much as one dollar and twenty cents per gallon.

But it's not going to be; consumers are finally getting a break on the cost of gas at the pump - and it's a big break. In today's budget speech the Prime Minister announced that the government will give up a million dollars in revenue so that instead of spiking up - fuel will also be going down just a little. Now, it's just a one off measure - but for right now that's good enough:

Dean Barrow, Prime Minister of Belize
"There is a shipment of fuel due to day and the pump prices were to increase by about $1.20 a gallon for gasoline and $1.00 for kerosene and diesel. What government will do is as I indicated remove the GST, but for this shipment alone we will not impose the substitute import duty. We will therefore make a huge revenue sacrifice. The current price per gallon is $10.50 for premium, $10.19 for regular, $8.36 for kerosene and $9.85 for diesel. With the GST those prices would go up to tomorrow to $11.69 for premium, $11.39 for regular, $9.43 for kerosene and $10.81 for diesel. What will happen to the shipment coming in tonight - the price will go down to $10.39 for premium, $10.13 for regular, $8.36 for kerosene and $9.61 for diesel. But I have to caution Mr. Speaker that this is a onetime only gesture. When the next shipment after this arrives around the end of March it will have to be subject to the new import duty in lieu of GST. And recall that while that new regime will offer some relief by way of duties lower than the GST we will not any longer be able to avoid some massive increases due to the spiraling international price that we can't control."

So while the customary advice we give is to buy gas now before the price goes up tomorrow; in this case the advice is to wait until tomorrow to buy because the price will be going down fractionally.

The tax break on gas was given within the wider context of an overall adjustment on the tax regime governing fuel imports - which the Prime Minister explained in his budget speech.

Channel 7


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