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Venezuela’s Instability Influences High Fuel Prices #523542
05/13/17 06:00 AM
05/13/17 06:00 AM
Joined: Oct 1999
Posts: 59,703
oregon, spr
Marty Offline OP

.
Marty  Offline OP
As we told you last night the price per gallon of premium fuel has broken the $11 dollar mark. And this comes at a time when world oil prices are trending down. Now, a large part of the price - about half - are those new government taxes which have to raise 20 + million dollars this year. But another large part of it is the increasing cost of getting oil from Venezuela - which is going through a prolonged period of instability. The Prime Minister explained:

Rt. Hon. Dean Barrow - Prime Minister
"However, in the case of Belize, because we are sourcing supplies from Venezuela and they are having problems with being able to deliver, we put in the order and then Puma ends up having to go and short notice somewhere else and they pay a little bit of the Premium. And I think even the question of the haulage, the freights then becomes more expensive so that's what's been happening to us."

Jules Vasquez - reporter
"So once again a relation to Venezuela is costing us."

Rt. Hon. Dean Barrow - Prime Minister
"Indeed, but it's costing us on the one hand, but it's still the gift that keeps on giving on the other, though not quite as handsomely, not quite as lavishly, not quite as bountifully as before. Remember that as long as they are still able to supply us with a portion of our needs, we still benefit from the arrangement in which a portion of the price is used by us as a long term loan."

PUP Representative Jose Mai told the house today that the average price of gasoline around the world is seven dollars and eighty two cents Belize per gallon. He added that in all of Central America only Costa Rica and Belize have fuel above that average world cost. He says, a gallon of regular costs 7.96 in Costa Rica; it costs $10.26 per gallon in Belize.

Channel 7


Why Fuel Prices Are So High and When They Will Come Down

Premium fuel has gone above eleven dollars for the first time in several years but there is no change in the price of regular gasoline and a slight reprieve for diesel fuel. Fuel was one means of the Government acquiring revenue in the recently passed Budget, but according to Prime Minister Dean Barrow, the increases coming after April first are for different reasons, and he expects prices to ebb lower.

Jose Mai, Area Rep., Orange Walk South

“In all of Central America, Madam Speaker, the only country that has fuel costs above the average price of gasoline is Costa Rica; all other countries sell their fuel below the average world cost. Madam Speaker, why is it that our fuel in this country is so high? All countries have access to the same petroleum prices on the international markets; it is taxes that make the difference, Madam Speaker, taxes; and in our case, fifty percent, almost, is what leads to high cost of fuel.”

Prime Minister Dean Barrow

“Prices should be going down, because the acquisition costs have fallen since we…”

Reporter

“How soon?”

Prime Minister Dean Barrow

“But that’s what I’m saying. They should have gone down already, because this problem with a supply overhand and the OPEC cuts not having the desired effect and the shale producers in the U.S. ramping up – all that combination has meant that the rebound in prices that the OPEC people wanted to see did not happen. However, in the case of Belize, because we are sourcing supplies from Venezuela and they are having problems being able to deliver – we put in the order and Puma ends up having to go at short notice somewhere else and we pay a little bit of a premium; and I think even the question of the haulage, the freight, becomes more expensive, so that’s what’s been happening to us.”

Mai cited prices of between five and eight Belize dollars on average for regular fuel and about the same for diesel.

Channel 5


Re: Venezuela’s Instability Influences High Fuel Prices [Re: Marty] #523580
05/16/17 06:31 AM
05/16/17 06:31 AM
Joined: Oct 1999
Posts: 59,703
oregon, spr
Marty Offline OP

.
Marty  Offline OP

Fuel Tax Increase in Budget Not Fully to Blame for Price Increases

Fuel moves Belize, but the question tonight is whether the country may grind to a halt as a result of rising fuel prices. According to Prime Minister Dean Barrow, the legislated fuel increase in excise taxes is for twenty million dollars spread out over the 2017-2018 financial year; the subsequent increases are a result of ongoing issues in the world fuel market and particularly with Belize’s main supplier, Venezuela. Nonetheless he remains optimistic about both lower fuel costs and the worth of Petrocaribe.

Reporter

“The tax measure that related to fuel, would that only come in one increase…”

Prime Minister Dean Barrow

“We increased…”

Reporter

“Has it been done already?”

Prime Minister Dean Barrow

“Yes, yes. So we increased the amount per gallon?”

Reporter

“So we have to forget that now?”

Prime Minister Dean Barrow

“Right, and that would have produced an increase. But remember, that at the same time, the acquisition costs were down; I’m sure it would have been a net increase, but it wouldn’t have been as much as we first feared, because the acquisition costs were going down and had gone down from fifty to forty-eight or five, but we do have the problem of the…”

Reporter

“So once again our relationship to Venezuela is costing us?”

Prime Minister Dean Barrow

“Indeed, but it’s costing us on the one hand; it’s still the gift that keeps on giving on the other, though not quite as handsomely, not quite as lavishly, not quite as bountifully as before. Remember that as long as they are still able to supply us with a portion of our needs, we still benefit from the arrangement in which a portion of the price is used by us as a long term loan.”

Channel 5



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