Skyrocketing fuel prices and an increased cost of living continue to burden consumers in Belize and across the globe.

by Khaila Gentle

BELIZE CITY, Wed. July 6, 2022
The price of premium gasoline rose to $17.60 per gallon on Tuesday, much to the chagrin of Belizeans countrywide. And while the price of both regular gasoline and diesel remain capped at $13.50 and $13.41 respectively, the increased cost of fuel has been affecting business sectors across the country, especially in transport.
Over the past few months, residents have been faced with increases in both bus and water taxi fares, and many motorists have lamented the metaphorical “gas pain” that they have had to contend with alongside record-high inflation rates.
In an interview this week, Minister of Home Affairs Hon. Kareem Musa commented on the current cost of fuel, noting that the Government has been doing “all that it can” to mitigate the effects of rising global fuel prices, such as reducing the excise duty on diesel and regular gasoline in an effort to keep the cost of both below the $14 mark.
On Wednesday, the Government of Belize issued a statement reiterating the various steps that Cabinet has taken to cushion the increase in fuel prices, including negotiating with the nation’s fuel importer, Puma Belize Ltd., to ensure prices are as low as possible. Additionally, GOB’s fuel subsidy programs have been expanded to include tourism operators—efforts that are expected to result in a loss of up to $20 million by the end of the year.
According to the Government of Belize press release, the acquisition costs of fuel have risen more than 300% since 2020. But Belize is not the only country faced with rising fuel prices and an overall increase in the cost of living. In the United States, the average price of regular gasoline ranges from US $4.36 (BZ $8.79) in the state of Georgia to US $6.29 (BZ $12.68) in California.
A report in the New York Times notes that “the staggering increase in the price of fuel has the potential to rewire economic, political and social relations around the world.”
In other parts of the world, such as Ecuador and London, citizens have begun protesting against the energy and food prices. In a country like Belize, where the cost of gas is now more than five times the minimum wage, it remains to be seen whether such unrest could be triggered by the skyrocketing cost of living. When asked by reporters for a comment on those protests, the Minister of Home Affairs acknowledged that both Belize and the rest of the world are currently faced with “tough times”.
“It’s very important that we look after those families that are on the margins in terms of our social programs, in terms of pantry—getting food assistance out to those individuals who are most in need. This is a very, very crucial time for us. And we are aware that in other countries there are riots and protests, but I think overall we do understand as Belizeans that this is a tough time not just for Belize but for the world,” he said.