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Chamber advises GOB to create a fuel price formula

Last week Prime Minister Dean Barrow stated that fuel prices should decrease by mid-October. Today the Belize Chamber of Commerce and Industry, BCCI, welcomed the PM’s public assurance. The BCCI says that with taxes comprising up to 43% of end prices to the consumer, Government is in the best position to manage pump prices for the benefit of every consumer and every economic activity.  The BCCI is urging the government once again to formalize a long-term fuel pricing policy as part of a comprehensive and well-thought-out tax strategy. According to the BCCI, the creation and implementation of such a policy would ease the burden on consumers and the private sector, and would promote local business, investment, and spending. In a release the BCCI stated quote, “this policy should have as its goal limiting the negative impact that fuel price increases have on the economy while ensuring reasonable growth in government revenue, always keeping in focus the multiplier effect that fuel prices have on businesses and their consumers.” End of quote. The BCCI says it is ready to support any initiative in this regard.