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Dec 5, 2018

All Fuel Prices Decrease

Fuel consumers across the country are rejoicing tonight at a decrease in fuel prices. Premium gasoline went down by eighteen cents from eleven dollars and fifty cents to eleven dollars and thirty-two cents. The price for regular fuel dropped by nineteen cents to nine dollars and seventy-six cents. Diesel gasoline took the largest dip; it decreased by forty-one cents, from eleven dollars and sixteen cents to ten dollars and seventy-five cents. Today, Financial Secretary Joseph Waight says the decreases are due to international prices.

 

Joseph Waight

Joseph Waight, Financial Secretary

“International prices as always, up and down. There has been no change in the tax for months and months and months so we take what we take.”

 

Hipolito Novelo

“So is this expected to be just a Christmas gift and by New Year…”

 

Joseph Waight

“Nothing to do with Christmas and nothing to do with the New Year. I am not an oil expert.”

 

Reporter

“FinSec, even when the price of fuel is very low in the world market we in Belize are still paying a high premium for fuel.”

 

Joseph Waight

“It comes down to a question to the volumes that we import. Remember we import less than point one percent of the world market supply. We have to get smaller ships, high cost of freight. There is higher cost for storage and so. While our prices generally move up and down in sync with international prices it is not all…what you see going on in the States and Texas is not what we get in Belize. The volume determines the difference. We’re very, very small consumer. We basically are price takers. The price is out there. We take the price. We have n o control over the price.”

 

Hipolito Novelo

“Can government afford to decrease fuel tax?”

 

Joseph Waight

“No.”

 

Hipolito Novelo

“Is the decrease in all of these fuel prices expected to be short lived?”

 

Joseph Waight

“It all depends on what happens in the international market, what’s going on in Iran, in Saudi Arabia, how cold of a winter North America may have, the demand for fuel. There are a number of factors that determine the price. We don’t determine the price. We take the price whatever it may be.”

 

Kerosene saw a decline of fifty-five cents per one hundred pound cylinder.

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