Ministry of Finance expects a decrease in the near future

BELIZE CITY, Thurs. June 7, 2018– We have been periodically reporting on the steady increases in gas prices throughout the year. Tomorrow, June 8, will mark the tenth time this year that gas prices have risen, and we are only halfway into 2018.

The first couple of increases were on January 6 and 13, followed by increases on March 3 and 27. April saw gas prices rise on the 1st, 14th, and 25th. Prices rose again on the 16th and 23rd of May.

Prior to January 6, premium gasoline prices had been at $11.07, regular at $10.40, diesel at $9.50, and kerosene at $5.89.

According to the Belize Bureau of Standards (BBS), at midnight, the prices will be as follows: premium at $11.67 (no change), regular at $11.35 (no change), diesel at $10.97, and kerosene at $8.64.

This time, “only” diesel and kerosene see a price rise – diesel rising by $0.34 and kerosene by $0.89. When we look at the cumulative increases, from January to June 8 this year, however, premium gas has risen $0.60 per gallon, or 5.4%; regular gas has gone up $0.95 per gallon, or 9.1%; diesel has risen $1.47 per gallon, or 15.4%; and kerosene has risen $2.75 per gallon, or  46.6%.

In a press release issued today, the Ministry of Finance said that the increase in the price of diesel is “due to a lagged effect on domestic prices from the recent spike in the world oil prices.” It also states that the prices at the pump will be slightly higher in the districts due to internal freight charges.

However, the release contradicts BBS by stating that there will be no change in kerosene prices.

The release also says that due to worldwide trends, the next shipment of fuel products at the end of next week will result in lower pump prices.

The release ends by saying that the GOB “continues to work with PUMA and with all local suppliers, wholesalers and retailers, to ensure that in future any potential price increases are kept to a bare minimum, and that any world oil price decreases are passed through to the local market as quickly as possible.”