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Ministry of Finance, Belmopan - 02 May, 2008

The Ministry of Finance informs the public that the next tanker of fuel due to arrive in Belize today, will reflect sharp increases in the acquisition cost of all major fuel products.

The new price per gallon of the four major fuel products will be as follows with effect from May 3, 2008:

Premium: from $10.00 to $10.59
Regular: from $ 9.90 to $10.45
Kerosene: from $ 8.94 to $ 9.72
Diesel: from $ 9.08 to $ 9.61

These increases are due directly to the continuing rise in the price of crude oil on the world market and are beyond the control of the Government of Belize.

The Government of Belize has had to pass on these increases as it has already removed altogether the Revenue Replacement Duty on Kerosene and Diesel and has also reduced Revenue Replacement Duty on gasoline to its lowest point in over ten years.

The Government assures the public that it continues to do everything that is fiscally responsible to try to hold down on the increases in the cost of fuel and that any reduction in the world price of oil that may occur in the future will be reflected in the prices at the pump.

The PM has said Premium will rise to $15 a bit later in the year.

Still cheaper than in Europe; fuel there is between US$8 and 10 per gallon. Look at this "Most expensive places to buy gas" overview from CNN Money: U.S. gas: So cheap it hurts.