It’s not quite Christmas but we are usually given a treat at the pump with a dip in the price of fuel. This year is no different and you may have noticed that change which became effective today. Kerosene dipped by 55 cents and is now $8.15; diesel went down 41 cents to $10.75; regular gas went down a meager 19 cents to $9.76 and premium went down 18 cents to $11.32. We asked Joseph Waight, the Financial Secretary for the Ministry of Finance about the cause of the price reduction.
Joseph Waight: “International prices as always go up and down. There has been no change in the tax for months and months and months so we take what we get. It comes down to a question of the volumes what we import. Remember we import less than 0.1% of the whole world market supply so we have to get smaller ships, there is higher cost for freight, higher cost for maintenance and storage and so while our prices generally move up and down in step and in sync with it international prices it is not always… what you see going in the states in Texas is not what we get in Belize. The volumes determine the difference. We are very small consumers we are basically price takers as I say, the price is out there, we take the price, we have no control over the price.”