We’ve told you all about the falling world price of oil and the effect it has had on Venezuela’s Petrocaribe initiative. But, it’s also had quite an effect on our northern neighbor. Mexico’s peso has been devalued by 12% since June to try as a result of the falling world market price for oil.
And while the weaker peso is driving Belizeans across the border in droves to stretch their dollar, one thing they are not buying is gas. Not anymore. While the Pemex gas station was once a required stop on any trip to Chetumal, that’s not the case right now, because, believe it or not, fuel in Belize is currently cheaper than it is Mexico.
And that’s why every day and night, you can see lines like this one at the Uno Gas Station in Corozal town. It’s the town’s only gas station – and that’s because years of lower fuel prices in Mexico and the Free Zone drove the others out of business. This Uno station stayed on though, and now they’re reaping the rewards. Uno says they plan to install another pump island to alleviate the congestion.
And so how much cheaper is the gas in Belize as compared to Mexico? Well, we can only give you the figures for Diesel fuel, and based on what we’ve seen, it’s much cheaper – more than a dollar per gallon. Our estimates show the Mexican price at nearly nine dollars per gallon for Diesel – while in Belize it’s seven dollars and 66 cents. That’s about 15% cheaper. Again, that’s only Diesel but we Mexican prices for regular and premium are also higher.