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Why is Belize’s Fuel Prices So High?

As for fuel prices, Minister Coye explained why prices in Belize are higher compared to other countries in Central America. 

Christopher Coye, Minister of State, Ministry of Finance: “Cabinet had made a decision on establishing a revenue stabilization with a fixed price that means that we as the government would effectively take the loss upfront and recover as the acquisition cost comes down, the acquisition cost of the fuel or oil derivatives as that comes down. We have absorbed a loss over $10 million already you know and that’s over what I believe over three months. That would include some of the targeted subsidies that we have given out. So the decision means that we will need to recover that loss so depending on how quickly the price of fuel comes down will impact on how quickly we could start bringing down that price.”