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Price of fuel at the pump goes down as Electricity ready to go up

The price for Premium Gasoline has decreased by 85 cents from $11.32 to $10.47 per gallon. The price of Diesel went down 92 cents from $10.75 to $9.83 per gallon.  The Government of Belize says that the plunging fuel prices are principally due to weakening global demand reflecting concerns about economic growth prospects in 2019, but also as a result of surging production in the United States, Saudi Arabia and Russia.  The Ministry of Finance says in November, Belize had adopted the new Central American standard for higher quality, cleaner and more environmentally-friendly Low Sulfur Diesel. The sulfur content of the Diesel now being purchased is less than 10% of previous levels.  But what as George Magnus so poetically summarizes it “What the left hand giveth, the right hand taketh away.”  While you save a penny at the pump, those savings will go directly towards your electricity bill. The cost of electricity is going up next year.  On December 10th, the Belize Electricity Limited (BEL) made a submission to the Public Utilities Commission (PUC) to change the tariff for January 1st to June 20th 2019 based on an increased in cost of power Based on excess cost of power for the last 18 months which BEL estimates to be about 18.9 million dollars. They wanted an increase in the approved Mean Electricity rates by 2.2 cents which would result in 41.5 cents per kilowatt-hour. The Public Utilities Commission did their analysis and found errors in BEL’s submission and found that it would have been necessary to adjust the rate a little bit more to 42 cents per kilowatt-hour.  PUC Chairman John Avery explained some of the reasons for the decision but also made a warning to BEL that it needs to make certain adjustments to its acquisition of power in the near future.