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Financial Secretary says Premium Price will Fall

Belizeans should expect the price of Premium gasoline to go down. That’s what Financial Secretary Joseph Waight said today when asked about fuel prices. Viewers may recall that before October, fuel prices kept on an upward trend for several months. In the latter part of September, premium gas went up 93 cents nearing a whopping twelve dollars per gallon. Towards the end of September, the Prime Minister Dean Barrow told the media that the inconsistency in supply from Venezuela was forcing costly last minute purchase, which was reflected in the continued increases in fuel prices. He also committed to having the prices regularized once Petrocaribe was back on stream. Well, in October regular gasoline and diesel saw small decreases in cost. Today, Waight said Premium prices are also expected to go down.

Joseph Waight – Financial Secretary

“The next item to come is premium gasoline which comes from a different source, it does not come from PetroCaribe. We expect that price to go down in step pretty much to the same level as the regular gasoline went down two weeks ago. Beyond that, it depends on what the world prices look like so it is not an immediate translation of world prices onto our given the small amounts that we buy in the scheme of things. Our importation is like a fraction of world supply so what happens is that we don’t- and transportation costs are high we have to pay for small boats and the per unit costs is much higher.”


“Sir the price of fuel went down recently as far as you’re aware is this the lowest it will reach this time?”

Joseph Waight – Financial Secretary

“Looking at the world I think we have plateaued, hopefully, it will go down more but all depends on what happens internationally. There could be a scare in Iraq and boom it goes up again.”