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Feb 10, 2003

Fuel prices up, but Govt. will absorb cost

Worldwide petroleum prices continue to climb, but for the moment at least, consumers in Belize will be insulated from the financial shock. A release today from the Ministry of Finance indicates that while the landed cost of the latest fuel shipment rose an average of ten cents per gallon, government has reduced its rate of taxation to compensate. The result is that the pump price remains unchanged. The recent spike in global oil prices has been attributed to a prolonged general strike in Venezuela and fears of an impending U.S. invasion of Iraq.

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