BELMOPAN, Tues. Nov. 9, 2021 — Fuel prices have risen once again. The Ministry of Finance, through a Government of Belize press release, announced that there will be an increase in the price of regular gasoline and kerosene as of Wednesday, November 10, 2021. At the present time, however, the prices of premium gas and diesel will remain unchanged at $12.11 and $11.43 per gallon each.
The price of kerosene, which previously was $7.69 per gallon, is now $8.71 per gallon – a $1.02 increase — resulting in a total increase in kerosene prices of nearly 85% over the last 12 months. In November of last year, a gallon of kerosene could have been bought at a price of $4.73. The most recent increase in the price of regular gas, on the other hand, was a marginal 1 cent, resulting in a new per-gallon price of $11.83 — just 27 cents away from surpassing the $12.00 threshold.
The rising prices are, to a great extent, the result of a high global demand for fuel and a limited international supply, and there is a possibility this situation could worsen if Joe Biden, the president of the US, which is a major crude oil exporter, places a ban on the country’s export of oil to reduce domestic gas prices. With an even more limited global supply of oil resulting from a possible US withdrawal from the global supply chain, prices would undergo an even more drastic surge.
The United States president is considering putting such a ban in place, however, in the hopes of addressing alarming inflation rates in the country, where the cost of living rose over 6.2% over the last 12 months — the highest rate in over three decades.