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Fuel Prices Go Down

Motorists will feel a small relief in their pockets for the cost of fuel since the prices are scheduled to take a dip after midnight. Regular gasoline will dip 91 cents from $9.03 to $8.12 and diesel will drop by 31 cents, from $6.99 to 6.68. And while the new prices come in effect at midnight, prices for Kerosene and Premium will remain the same. Experts in the US say that fuel prices dip because the Oil is below $40US a barrel for the first time since the Great Recession.

INCREASE IN IMPORT DUTIES ON FUEL PRODUCTS

The Ministry of Finance hereby informs the general public that with the arrival of the latest shipment of fuel which is due to take effect at the pump on December 28, 2015, the Import Duties on Premium Gasoline and Diesel Oil increased by 65 cents Belize per U.S. Gallon while the Import Duty on Regular Gasoline increased by 57 cents Belize per U.S. Gallon.

Consequently the new Import Duties applied to these products are as follows:

Premium Gasoline - $2.96 per US Gallon
Regular Gasoline - $2.73 per US Gallon
Diesel Oil - $1.92 per US Gallon

The combined effect of this increase and of the CIF Price Changes associated with the December 28th fuel shipment will result in new Pump Prices per gallon (in Belize City) as follows:

Premium Gasoline - $9.30 per US Gallon
Regular Gasoline - $8.52 per US Gallon
Diesel Oil - $7.00 per US Gallon

This increase has become necessary as a fiscal consolidation measure to strengthen public finances at the start of the new 2016 calendar year and also to compensate for the decline in revenues linked to the decline in domestic crude oil production.

It is anticipated that in the coming weeks the C.I.F. prices of imported fuel products will decline significantly in step with declining world oil prices and that pump prices will stabilize at a point below $9.00 and $8.00 per gallon mark for Premium and Regular Gasolines respectively and below $6.50 per gallon for Diesel Oil.

GOB is really ripping the people off now!! We are paying 1.69 per gallon here in NJ at the pumps now so 4.65 US per gallon for reg and paying 1.69 almost 3.00 US per gallon tax!!!

but does your fuel come in by barge?

Petrocribe will die a natural death, sooner than later. PM knows that and hedged his bet by adding taxes. Been living high on hog using those monies and income from btl and bel, which has not been paid for and those bills will come due 2016.

DECREASE IN PUMP PRICES FOR REGULAR GASOLINE AND KEROSENE

The Ministry of Finance hereby informs the general public that, with the arrival of another shipment of fuel over the weekend, the Pump Prices for Regular Gasoline and Kerosene will fall substantially as a result of lower CIF Prices.

This shipment was comprised of Regular Gasoline and Kerosene only. Effective on midnight 29th December, 2015 the new Pump Prices in Belize City are as follows:

Regular Gasoline - $8.30 per US Gallon - a decrease of 32 cents per gallon Kerosene - $4.48 per US Gallon - a decrease of 10 cent per gallon Import Duties and other taxes on both products remain unchanged.

The Ministry of Finance further advises the general public that all future reductions in the CIF Prices of these fuel products will be passed on directly to the price at the pump and that it also intends to maintain the current level of duties and taxes without change on these products.

DECREASE IN PUMP PRICES FOR DIESEL OIL

The Ministry of Finance hereby informs the general public that as a result of lower CIF Prices on a recent shipment of fuels, the Pump Prices for Diesel Oil has decreased substantially with effect from midnight on the 4th January 2016.

The new Pump Price for Diesel Oil in Belize City is now $6.58 per US Gallon - a decrease of 42 cents per gallon.

The Ministry of Finance further advises the general public that it is the policy of Government to pass on all future reductions in the CIF Prices of fuel products directly to the prices at the pump, and that the Government intends to maintain the current level of duties and taxes without change on these products.

"Prime Minister Barrow maintains that it was better than any other tax alternative." Fuel is what takes tourist on tours, lots of tourist means lots of tours and lots of tax collected. This is the busiest week of the year and this is the week they decided to raise it. It's late in the game for Tour Operators to compensate with raised prices so lets remember this poke in the eye when we set our prices for next year.

The PM doesn't seem to understand how things connect when it comes to taxes. He needs a coach on finances.

Fuel prices hiked

Motorists in Belize are feeling another burn in their pockets as fuel prices rose again on Wednesday following a price hike just weeks ago. With the hike, premium gas is now cheaper than Regular.

Pump prices are now $9.62 per gallon for regular gasoline, up from $9.12, while Premium remained stable at $9.26 per gallon and diesel, constant at $8.29 a gallon.

This new increase follows hard on the heels of an earlier price hike just two weeks ago, when regular gasoline was hiked from $8.87 to $9.12; while diesel prices went down from $8.36 per gallon to $8.29.

More than 50 percent of the pump price is tax, as most of Belize's fuel is now being shipped from Texas, USA, where pump prices have been US $1.79 or Bze $3.58 per gallon for Regular. Premium is US $1.89 or Bze $3.78 and Diesel is US $1.74 to $1.79 per gallon or Bze $3.48 to� $3.58.

Price hikes in Belize normally affect acquisition costs, and U.S. fuel prices went up in mid April; when regular gas went up 14 cents U.S., Premium went up 12 cents U.S., and Diesel increased 6 cents U.S.