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Jan 24, 2003

Govt. will absorb latest fuel cost increase

It didn’t figure into today’s budget debate, but Belizean motorists will receive some pre-election insulation from higher fuel prices. A release from the Ministry of Finance today announced that although this weekend’s shipment of petroleum products will arrive with prices averaging eight cents more per gallon, government will be adjusting its tax bite to allow the price at the pump to remain unchanged. World petroleum prices have risen sharply in recent weeks due to the ongoing general strike in Venezuela and fears of war in the Middle East. According to the release, future tax adjustments will be considered as each new shipment arrives. Belize purchases its refined petroleum products from Exxon Mobil through its local Esso subsidiary. The source of that fuel varies, but has included Venezuela, Trinidad and the Gulf Coast of the United States. The latest shipment, according to Esso, originated in the U.S.A.

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