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Fuel Prices Still Not Coming Down

Last week we told you about pump prices for fuel - with word from the Financial Secretary Joe Waight that a sharp, even historic three dollar per gallon price decrease was coming any day now. Well 6 days have come and gone since we spoke to the Fin. Sec. and there is still no letup in those pump prices.

And even though the new shipment is already landed and loaded up at the PUMA Depot, it seems the old and much more expensive stock is taking a long time to finish. That's because the economy is at a virtual standstill and neither buses, nor company vehicles, nor personal vehicles are going anywhere. Fuel stations report as much as a 70% decrease in the volume of sales. So, they aren't selling any gas, and, if the prices plunge dramatically when there's still old stock in the tanks, there will be industry-wide losses.

Fuel station owners receive a percentage of each gallon of gas sold, so when the price goes down - as it may, to around six dollars and change per gallon, it will cut their margins by about 30%. Add to that the 70% loss in sale volume due to the economic slowdown and it could force some gas stations to close their doors.

And, then there is also the government which is hurting for revenue, and when the price goes down, they also collect less tax.

All these realities stand against the public's interest in lower prices. The Financial Secretary told us today, quote "the old stock still has not been exhausted but that should should occur in the near days ahead. We have no firm date yet (for a price decrease)." End quote.

So, if you're waiting to fill you tank with that cheaper gas, the only advice we can give you is to keep cooling your heels and your wheels at home, you're gonna be waiting a while longer.

Channel 7

Public outcry has been escalating as fuel prices in Belize remain exorbitantly high despite record lows worldwide and world oil prices in the negative. According to Financial Secretary Joe Waight, "The retail sales have been down by almost 75 % as a result of the lockdown and the loss/decrease of income for many thousands of vehicle owners and operators. The old stock still has not been exhausted but should should occur in the near days ahead . We have no firm date yet. And by the way, the GOB revenues from fuel taxes is down by an equal amount. As you know the taxes are a specific tax and not a function of price just volumes of sales."

We note that many fuel stations this week have reported that they are out of Regular Fuel.

The Reporter

$3 decrease in price of Regular Gas

Change in the Pump Price of Fuel Effective April 25, 2020

The Ministry of Finance announces that on Saturday, April 25, 2020 the pump price for regular gasoline will decrease by $2.97 from $10.23 to $7.26 per gallon.

The prices for premium gasoline, kerosene, and diesel will remain unchanged at $10.92, $5.43, and $8.25 per gallon, respectively.

The price change reflects current demand and supply conditions of crude oil in the international petroleum market and fluctuations in the acquisition price of refined fuel products in the countries from which Belize obtains its supplies.

Regular gas goes up by 36 cents

The Ministry of Finance announces that on Saturday, May 23, 2020, the pump price for regular gasoline will increase by $0.36 from $7.26 to $ 7.62 per gallon.

The prices for premium gasoline, kerosene and diesel will remain unchanged at $10.92, $5.43 and $7.89 per gallon, respectively.

Regular gasoline up, diesel down

The Ministry of Finance announces that on Saturday, May 30, 2020, the pump price of two fuel products will change.

The prices for regular gasoline will register an increase and diesel will register a decrease as follows:

Regular gasoline will increase by 46 cents from $ 7.62 to $ 8.08 per gallon;

Diesel will decrease by 61 cents from $7.89 to $7.28 per gallon.

The prices for premium gasoline and kerosene will remain unchanged at $10.92 and $5.43 per gallon, respectively.

Almost 10% Spike In Price For Regular Gas

Effective at midnight tonight, the pump price for regular gasoline will increase by 76 cents. It will go from 8 dollars and 8 cents per gallon to $8.84 per gallon. The prices for premium gasoline, kerosene, and diesel will all remain unchanged.

Decrease in Premium Gasoline, Diesel goes up

The Ministry of Finance announces that on Tuesday, June 23, 2020, the pump price of two fuel products will change.

The prices for premium gasoline will register a decrease and diesel will register an increase as follows:

Premium Gasoline will decrease by $2.69 from $10.92 to $8.23 per gallon

Diesel will increase by 51 cents from $7.28 to $7.79 per gallon

The prices for regular gasoline and kerosene will remain unchanged at $8.84 and $5.43 per gallon, respectively.

PUBLIC SERVICE ANNOUNCEMENT: Sale of Premium Fuel

The Supplies Control Unit (SCU) of the Belize Bureau of Standards has received reports of shortages of premium fuel at several gas stations countrywide.

The SCU advises the general public that it has confirmed that due to price change on premium fuel effective Tuesday June 23, 2020 and a shift in consumer purchasing, a sudden, unanticipated spike in demand for premium was experienced. This issue has since been addressed by the replenishment of stock in most gas stations as confirmed by the unit.

The Unit takes this opportunity to remind fuel stations dealers that they are obliged to supply inventoried price controlled commodities to consumers. Any retailer declining to sell premium fuel in stock must immediately desist from this practice as this is in contravention to the Supplies Control regulations.

Consumers are advised to be vigilant during this time and report any issues that may be encountered in the market place by calling our Consumer Protection Toll free line at (0-800-283-5587).

Premium gas registers 98 cent increase

Changes in the Pump Price of Fuel Effective July 3, 2020

The Ministry of Finance announces that effective July 3, 2020, the pump price of three fuel products will change.

The prices for premium gasoline will register an increase and regular gasoline and diesel will register decreases as follows:

Premium Gasoline will increase by 98 cents from $ 8.23 to $ 9.21 per gallon;

Regular Gasoline will decrease by 27 cents from $ 8.84 to $ 8.57 per gallon;

Diesel will decrease by 18 cents from $7.79 to $7.61 per gallon.

The prices for kerosene will remain unchanged at $ 5.43 per gallon, respectively.

Regular gas goes up by 14 cents

The Ministry of Finance announces that effective Saturday, July 18th, 2020, the pump price of regular gasoline will increase by 14 cents from $8.57 to $8.71 per gallon.

The prices for premium gasoline, kerosene and diesel will remain unchanged at $9.21, $5.43 and $7.61 per gallon, respectively.