World Oil Prices and Pump Prices in Belize

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Updated: February 4, 2016

Fuel prices at the pumps have gone down recently in Belize and continue to drop worldwide per barrel.  While it is good news for drivers and vehicle owners, it does decrease the available monies from the PetroCaribe program as explained by Financial Secretary, Joseph Waight.

JOSEPH WAIGHT

“The price of oil has fallen dramatically. Consequently the amount of financing available from PetroCaribe is also falling; it’s a percentage of the total import bill so we’re seeing the benefit of it upfront in our balance of payments, paying less for the same volume. The price has gone from eight dollars to about forty now so it’s almost down to half.  Consequently the amount of financing is being reduced substantially but still enough to keep us going so we’re getting about a million dollars or so every two weeks.”

As for the price of fuel, Waight says it all depends on the world cost of oil.

JOSEPH WAIGHT

“It all depends on the price of oil. If you watch the market, there’s a lag. We have gotten a relief; it has gone down since we did a little adjustment and the import duties have gone down again. Diesel is at about seven dollars or so despite the little adjustment in the taxes it’s gone down.”

Joseph Waight, Financial Secretary in the Ministry of Finance.