The price of oil on the world market continues to drop, as it has been doing for some time. It’s been a source of confusion and consternation with consumers who have not seen pump prices drop in unison. When the price of oil rises, pump prices go up. So you’d expect the reverse to be true as well. It hasn’t been, at least until today. In the wake of concern by consumers, and questions asked pointedly of Financial Secretary Joe Waight last week, today the Ministry of Finance announced a significant drop in diesel. And according to Waight, there’s more good news coming soon.
Via Phone: Joe Waight, Financial Secretary
“We received one product which is diesel and the price changed overnight so the new price has gone down in Belize City by sixty-five cents per gallon, per US gallon. We expect shipments of kerosene and gasolines in the next ten days or so and we also anticipate that there will be similarly a sharp fall in prices when they come, but we won’t know until we get the invoices noh. But the trend is downward and substantially downward.”
“And consumers can expect more of this because I understand that the price for barrel of oil continues to fall?”
Via Phone: Joe Waight
“Well we will pass on whatever decrease at the pump.”
“Just playing devil’s advocate for a minute. There will be some people who would say that this decrease is a result of people saying the price of oil has been falling for some time and government has not let the price fall. This has come out in the news recently so there will be some people saying, ah because we brought this up, this is why this is happening now.”
Via Phone: Joe Waight
“Umm yes, I mean that is inevitable. But at the same time, I feel more people will see it differently and say that look the prices are falling internationally and there’s been a bit of a lag but now we are enjoying it and enjoying it while we can.”
We note that there has been a significant lag in the translation from falling oil prices to falling pump prices, but since the formula used to cost fuel is treated as a closely guarded state secret, there’s not much we can do but say better late than never.