BELMOPAN, Tues. Oct. 26, 2021 — Gas prices continue to rise, with the most recent hike — a whopping 35-cent increase in the pump price of premium gasoline — taking effect on Wednesday, October 27. This latest increase has lifted the price of premium gasoline above the $12 threshold to a new high of $12.11. Compared to the same period in the last fiscal year, the cost of premium gas has risen by $2.91. In October of 2020, the pump price of premium gas was a moderate $9.20.

The most recent increase does not impact the pump price of regular gasoline, which remains $11.82 per gallon at the current time. (A recent announcement from the Ministry of Finance also noted that the price of kerosene and diesel would continue to be $7.69 and $10.82 per gallon, respectively.) The cumulative increase in the price of regular gas since 2020, however, has been even higher than the total hike in premium gasoline — with the price of regular gasoline moving upward by a total of 2.96 since October 2020.

The surging gas prices are a global trend, and are said to be the result of a heightened demand for natural gas, combined with a limited supply due to oil production companies’ inability to increase production to pre-pandemic levels. Last October, the average price of crude oil (the compound that is processed to produce premium gas) was US$39.90 per barrel. Today, the price per barrel has more than doubled and has surpassed US$80.

A Government of Belize Press Office release states, “The Government of Belize is monitoring the price movements and supply conditions closely and will work with the fuel industry to safeguard the pump prices paid by Belizean consumers.”