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Re: Fuel prices at the pump in San Pedro [Re: elbert] #530468
05/17/18 04:57 AM
05/17/18 04:57 AM
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Government Working With PUMA To Moderate Fuel Increases, But Expect Price Shocks

The Prime Minister covered as many as a dozen subjects in his press conference today - and one of the most pressing ones is the price of fuel. It budged up by a little last night - but more increases are expected - because of global pressures. And because of domestic budgetary pressures, government cannot cut back on its tax take. The PM explained:...

Rt. Hon. Dean Barrow, Prime Minister
"We're going to be in for a difficult time in terms of fuel prices. Because the acquisition costs, the global price of oil is increasing at a rate that, for small countries such as ours, is alarming."

"So, when prices to the consumer go up in this country, it is as a result of factors completely beyond our control. We have not raised our tax take on the sale of fuel for the last two years or so. And, there's no way - I need to make clear - that we can reduce our tax take. I believe financial secretary correct me if I'm wrong but for every ten cents that we pull back we give up we would lose two or 3 million dollars from the budget. But when we said in the press release that was issued that we're working with the importers to try to moderate the impact as much as possible that wasn't just glib or pious rhetoric."

"As a consequence of that exercise and those discussions the prices that went up last night did not go by nearly as much as had been first proposed by PUMA."

"But we have worked on and continue to work on an arrangement with PUMA by which, when there is a particularly steep increase attendant on any single shipment, we can say to the importer, "No don't pass through all of that increased additional cost to the consumer all at once; absorb some of that increase we say to the importer and we will allow you to recover it over a period of time."

"We 're still going to have to bear the burden of the increased acquisition cost, but we try to find a way to spread it out so that the shock can be lessened."

"The government is making every effort to try to finesse this thing as much as possible so that the increases are not going to be as traumatic as they otherwise could be."

Channel 7


What’s Behind Fuel Price Hikes

The prices of fuel at the gas pumps are up yet again.  Those increases come almost two weeks after the last hike and will see the cost of premium gasoline decreasing nominally.  The overall increase is being attributed to an uptick in the cost per barrel of oil on the world market, however, PM Barrow made an announcement earlier today that Belize’s fuel supply is no longer coming from Venezuela.  While the Petrocaribe programme has not been done away with, a steadier supply of fuel is necessary in order to meet the demands of Belizean consumers.

Prime Minister Dean Barrow

“When prices to the consumer go up in this country it is as a result of factors completely beyond our control.  We have not raised our tax take on the sale of fuel in this country for the last two years or so and there is no way, I need to make clear, that we can reduce our tax take.  I believe, Financial Secretary, correct me if I am wrong, but for every ten cents that we pull back we lose two or three million dollars from the budget.  But when we said in a press release that was issued, that we’re working with the importers to try to moderate the impact as much as possible, that wasn’t just glib or pious rhetoric. Two things we’ve been working on: number one, when the Petrocaribe arrangements were in place there were certain margins that were agreed with Puma, in shorthand, by way of incentives, to get them to source fuel from PDVSA because of course there were innumerable benefits redounding to Belize in consequence of using Petrocaribe and PDVSA as the source of our fuel supplies.  We’ve stopped placing orders with Venezuela.  I would not agree with anybody who says that that means the Petrocaribe program is at an end.”

Channel 5


Re: Fuel prices at the pump in San Pedro [Re: elbert] #530604
05/24/18 04:40 AM
05/24/18 04:40 AM
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Belizeans Feeling The Price Pinch At The Pump

Oil prices are going up the world over - and in Belize where fuel was already very expensive, the prices are now stratospheric!

Prices went up at midnight - and the increase sees premium going up by 31 cents per gallon, regular by 21 cents per gallon, and diesel by three cents per gallon.

These increases are the result in rising acquisition costs, but government says it cannot reduce its tax take to give consumers a break. Government said it is working with the importers to try to lessen the impact of the increases, but, just like GOB, PUMA has to get its pound of flesh as well.

Channel 7


Gas prices are determined by supply and demand. While Venezuela, with all its geopolitical challenges, is no longer producing as much fuel as it use to, expect that at home fuel prices to go up, since Belize is no longer being supplied by or purchasing from Venezuela which was the cheaper fuel for us.

We can't get fuel from Venezuela because of payment logistics and the pressures from the US Government to sanction and punish Venezuela due to allege corruption practices.

As far as Belize is concerned, our current fuel suppliers are from "Texas" USA which is not the cheapest fuel around.


Re: Fuel prices at the pump in San Pedro [Re: elbert] #530851
06/08/18 05:29 AM
06/08/18 05:29 AM
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Relief From Punishing Pump Prices on Horizon

The pump price of Diesel will increase by midnight tonight in Belize City. It will increase by .34 cents from $10.63 to $10.97 cents per gallon.

Now, while the price increase to almost 11 dollars a gallon for diesel is the bad news, the good news is that those crippling pump prices should start to go down soon - reflecting the downward trend in world fuel prices. In a release, government says, quote, "it is certain that the next shipment of fuel products, which is due toward the end of next week, will result in markedly lower prices at the pump."

Government also pledges that it, quote, "continues to work with PUMA…to ensure that…any potential price increases are kept to a bare minimum, and that…oil price decreases are passed through to the local market as quickly as possible." End quote.

We'll wait and see.

Channel 7


Re: Fuel prices at the pump in San Pedro [Re: elbert] #530956
06/13/18 12:16 PM
06/13/18 12:16 PM
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Ministry of Finance Comments on Recent Increases
in Pump Prices for Fuel


In view of certain reports circulating publicly, the Ministry of Finance wishes to restate the facts about recent increases in the pump price for fuel.

The increases are due exclusively to the global acquisition costs for fuel, which have skyrocketed in recent months. While Government taxes are a necessary and significant component in what is passed on to the consumer, those taxes have not increased since April 2017, and therefore, have not affected the recent spike in pump prices that Belize has been experiencing. Rather, there are factors beyond the Government’s control, and which set world oil prices, that are to blame. Thus almost all countries, including the USA, have been impacted by rising fuel prices.

While taxes have not increased since 2017, there are those who argue that they should now be decreased. This year’s budget was premised on the taxes as they are, and lowering such taxes would adversely affect the budget, and removing essential funding for ministries, departments, programs, and service delivery generally to Belizeans. To give just one example, a decrease in fuel taxes by two dollars per gallon would remove 70 million dollars from the revenue, an amount that would completely de-fund the Judiciary, and the Ministries of Human Development, Agriculture, Transport & NEMO, and Works, and furthermore, public officers would not be paid and essential services provided by these Ministries to citizens would collapse.

World oil prices are reducing and Belizeans can expect to see a decrease in pump prices with the next shipment which is due by the end of next week.

Re: Fuel prices at the pump in San Pedro [Re: elbert] #531027
06/18/18 12:18 PM
06/18/18 12:18 PM
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Fuel Prices Increasing Yet Again

There are back to back changes to fuel prices announced within days of each other. The latest is a slight increase in the price of premium which goes from eleven dollars and sixty-seven cents to eleven dollars and seventy-one cents per gallon. That takes effect at midnight. After a number of price increases since the start of the year that have sent fuel prices soaring, over the weekend, there was finally a dip in the price for regular fuel. At the pumps, the price of regular is eleven dollars and two cents, down by thirty-three cents. The last price change for regular was in May, when it went up by twenty-one cents. On June seventh, Government promised to lower costs at the next shipment, saying (Quote) “it is certain that the next shipment of fuel products, which is due toward the end of next week, will result in markedly lower prices at the pump.” (Unquote) So tonight, regular is down, but premium is up. The high fuel prices which have had an impact on the cost of living have been a thorn for consumers across the board. The Chamber of Commerce has already decried the high cost of fuel making the point that the landed cost of fuel is lower that it was in May 2014 when world oil prices were higher.

Channel 5


Re: Fuel prices at the pump in San Pedro [Re: elbert] #531265
07/10/18 06:28 PM
07/10/18 06:28 PM
Joined: Oct 1999
Posts: 58,960
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Price for Regular Gasoline and Kerosene Decreases

The Ministry of Finance is pleased to announce that, as of midnight last night, the pump prices for Regular Gasoline and Kerosene decreased.

Regular Gasoline declined by 13 cents per gallon at the pump in Belize City to a new price of $10.89 per gallon. The pump price for Kerosene decreased by 43 cents per gallon in Belize City to a new price of $8.21 per gallon.

The price decreases have come about because the batch of products from a recent shipment was procured by PUMA earlier last month when global oil prices were on the tail-end of a sharp decline triggered by OPEC pumping more oil to ease global supply concerns.

The pump prices of Premium Gasoline and Diesel Oil remained unchanged.

The Government of Belize expects that these decreases will be short-lived, however, as oil prices have rallied over the past two weeks due in no small part to elevating geopolitical tensions in Iran and the Middle East.

The Government will continue to monitor the situation very closely and will remain engaged with PUMA and other stakeholders involved in the local supply chain to work out ways to keep prices in check as much as possible.

Re: Fuel prices at the pump in San Pedro [Re: elbert] #531495
07/26/18 06:04 AM
07/26/18 06:04 AM
Joined: Oct 1999
Posts: 58,960
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Regular Gas Price Inches Upwards

Gas is going up, well, sort of. According to Belize Bureau of Standards the new GOB's controlled pump prices that go in to effect tomorrow, remain the same. Premium gas stays at $11.60, diesel remains at $10.75, and Kerosene remains at $8.21. The only gasoline product that is going up is regular gasoline, which is going up by 4 cents per gallon; from $10.89 to $10.93. This notice was published by the Belize Bureau of Standards about three hours ago and as we told you it goes into effect tomorrow July 26th.

Channel 7


Re: Fuel prices at the pump in San Pedro [Re: elbert] #532208
09/08/18 06:10 AM
09/08/18 06:10 AM
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Effective midnight, the price of a gallon of diesel will increase by twenty two cents. The new price will be ten dollars and sixty nine cents up from ten dollars and forty seven cents. Premium remains at eleven dollars and seventy cents, regular at eleven dollars and four cents and kerosene at eight dollars and thirty four cents a gallon.

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