PM discusses the lowering of Gas Prices

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Updated: October 19, 2017

Last month Prime Minister Dean Barrow promised that the cost of fuel would decrease by mid- October. So far the price of regular gasoline has decreased but premium gasoline has yet to do the same. Barrow said that it should decrease in the next couple of days. He said that the sanctions placed on several businesspersons in Venezuela by the US Government is causing problems with respect to overseas financial transactions.

Rt.Hon.Dean Barrow, Prime Minister

“It was causing some problems but the Venezuelans and ourselves we are trying to work it out because the question of payment and how to effect foreign currency payment to PedeVesa looms very large in the context of Mr.Trump’s actions although I must say that when I checked on the sanctions as I understood it there are no sanctions against Pedevesa as Pedevesa there are sanctions against individuals, there are designations of President Maduro and so on but the banks even though you point that out say ‘we will not touch any transaction, with a ten foot poll we will not facilitate any currency transfer to Venezuela so it is a difficulty but the Venezuelans have been extremely good in allowing us to pay for the fuel in Belize dollars. Now when and how a conversion will be able to take place is a matter that is very much in the air. In the meantime though a ship set out from Curacao maybe two or three days ago with Venezuelan oil filling an order that had been placed after Puma got in the one that saw some reduction in price and by our calculations when that shipment is landed you will see a further decrease in prices to below where the prices were when we had that spike.”