Another huge national concern is the price of fuel. Gas Prices have increased a number of times over the past two months. The latest increase happened just yesterday when Premium Gasoline was increased by 4 cents. In his last Press conference, P.M. Barrow indicated that Belize would see more increases in Fuel Prices due to rising world prices and limited supply of fuel. Today, P.M Barrow told the media that yesterday’s increase was as a result of a lag in fuel shipment. The Prime Minister further stated that Belizeans can expect to see the price of fuel gradually decreasing over the next six months.
Hon. Dean Oliver Barrow, Prime Minister of Belize: The premium, there was a little bit of a lag and that is the effect of the lag. But with the next shipment, that also will go down. The next shipment of diesel will see a decrease and for the next few months, that ought to be the trend. Off course, you know that everything depends ultimately on what’s happening abroad, with geo-politics, with the way the oil prices are moving, with the fact now that there is going to be decreased production from Iran. Given the US sanctions, there is decreased production from Venezuela given the internal problems. But, as you know OPEC and Russia are agreeing in principle to increase production. US shale is going great, so it does look as though for the next few months, perhaps next half year there ought to be a downward trend. Of course, it is so volatile that anything can happen and that can change. But as of now, the best assessment is for continuing declines for the next couple of months.
Regular Gasoline saw a decrease yesterday by 33 cents.