Over the past two weeks consumers have been celebrating a remarkable 30% drop in pump prices, and today there is again cause to celebrate, as butane or liquefied petroleum gas (LPG) prices have dropped by a notable 22% – to the lowest level in almost 20 months – just in time for the end-of-year holidays.
The Government of Belize controls the price of butane, as it does the price of fuel, and today it announced new prices for butane to take effect Tuesday, November 25.
The new prices range from $96 for a 100-pound tank in Belize City to $101 in Punta Gorda, due to higher transportation costs (See press release).
Previously, butane in Belize City was priced at $124. The $28 drop in the price of the 100-pound cylinder represents the largest single decrease in recent memory.
Prices have tumbled a total of 27% (a total of $36) off their peak in July, when the 100-pound of butane was billed at a crippling high of $132.
“The Government of Belize anticipates that the decrease in LPG prices coupled with recent decreases in fuel prices translates to a doubling effect in lower prices and to this end providing much price relief to consumers,” the release added.
Prime Minister Dean Barrow had indicated publicly that in addition to reducing pump prices (in line with government’s commitment to reduce the cost of living), a reduction in butane prices was to be expected by Christmas.
Let’s see if food prices will mimic butane’s slide down the price ladder.