Government takes action to minimize rises in fuel prices
17 October, 2005 - Belmopan
Another tanker of petroleum products is due to arrive in Belize later
The acquisition prices of this shipment reflects increases of $0.95 for
Premium Gasoline, $0.45 for Regular Gasoline, $2.02 for Kerosene and
$0.92 for Diesel over the previous shipment.
In order to minimize the impact of such increases to the consumer, while
at the same time being mindful of the revenue implications, the
Government of Belize has decided once again to pass on only a small
portion of the increase in acquisition cost to the consumer and to
absorb the difference by lowering taxes on fuel.
Consequently, with effect from midnight tonight, the new Pump Prices for
fuel products will be as follows:
Product New Price Per US Gallon
Premium Gasoline from $9.84 to $10.00 - an increase of $0.16 per US
Gallon (GOB absorbs $0.79 of the increase in acquisition cost)
Regular Gasoline from $9.53 to $9.75- an increase of $0.22 per US
(GOB absorbs $0.23 of the increase in acquisition cost)
Kerosene from $6.25 to $7.48- an increase of
$1.23 per US Gallon
(GOB absorbs $0.79 of the increase in
Diesel from $7.10 to $7.41- an increase of
$0.31 per US Gallon
(GOB absorbs $0.61 of the increase in
The increase in acquisition costs is a direct consequence of the impacts
of Hurricane Katrina and Hurricane Rita which ravaged the oil producing
and refining areas of the Gulf Coast States leaving almost 20% of US
refining capacity idle.
The Government of Belize shares the concern of the oil importing
countries across the region as oil prices continue to rise sharply. The
Government will continue to monitor the situation closely and will
continue to take appropriate and necessary action to minimize the impact
of oil prices on the economy.