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Home » Economy » FinSec Joseph Waight Says G.O.B. Will Not Reduce Fuel Tax
Jun 28, 2018

FinSec Joseph Waight Says G.O.B. Will Not Reduce Fuel Tax

The price of fuel has been fluctuating in the last few weeks with the latest adjustment to diesel, a decreased of twenty-two cents and is now retailing for ten dollars and forty-five cents per gallon.  Previous to that, regular fuel saw a decrease of thirty-three cents.  At his last press conference, Prime Minister Dean Barrow explained that the fluctuation is due to world oil prices. The Prime Minister also explained that as a small consumer country, Belize is expected to experience difficult times in terms of fuel prices. Financial Secretary Joseph Waight today says that the difficult times will be short-lived.

 

Joseph Waight

Joseph Waight, Financial Secretary

“There is a relationship between the world oil prices and the prices in Belize. If the world prices go up, there is usually a lag maybe two or three weeks, then we see it going up. If it goes down, similarly there is a bit because it depends on the shipment and the timing. It moves in the same direction. There was a spike in oil prices maybe about two months ago. There were uncertainties in supply. Iran, things going on there. The prices shot up, albeit with a lag. More recently the prices have stabilized. Saudi Arabia is talked about increasing production and therefore we are seeing a dip in the prices here but not completely rolled back to where they were, let us say, a year ago.”

 

Reporter

“Is it your understanding that those two countries are currently discussing it and it is those discussing that have driven down prices or they haven’t begun an increased production yet?”

 

Joseph Waight

“Well anything that takes the nervousness out of the market will stabilize prices. So if a member of OPEC announces that they intent to increase production that will take the nervousness out of the market, stabling the prices and one the production really goes up then you see the price go down. A lot of it is that people buy futures. I don’t understand the oil market myself. A lot of it is speculation and confidence and what they try to glean from any statement that an OPEC member may make or the US, Russia may make and the oil market responds accordingly.”

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