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Jul 13, 2022

GOB Seeks to Recover Losses on Fuel by Maintaining High Prices Temporarily

The global oil price is now reportedly below one hundred U.S. dollars per barrel, after falling by seven dollars U.S. today amid decreasing demand. In speaking with reporters today, Prime Minister John Briceño explained that consequently the price of fuel on the local market is expected to see a gradual decrease. He then went on to note that  the Government of Belize must first recover the revenues it lost after decreasing the excise duty for diesel and regular gasoline as a relief to Belizeans. And, according to Christopher Coye, the Minister of State in the Ministry of Finance, these losses amounted to over eight million dollars in the last three months alone. So, while the acquisition cost of fuel may go down gradually, the decrease will not be reflected at the pumps until G.O.B. recoups its expenses.  Here is how P.M. Briceño explained it.


Prime Minister John Briceño

Prime Minister John Briceño

“We have to hold it on as long as we possibly can. I believe the price of crude oil is starting to go down in the world market. I think yesterday it was at ninety five dollars U.S. a barrel. So, with that we expect the prices are starting to go down slowly. The idea as I mentioned earlier is to hold it at a price, hold it at where it is right now, and as the acquisition cost of fuel goes down we still want to hold it to be able to recoup some of the expenses, or the tax dollars we lost. At the end of the day we do need the revenues to provide these services to the Belizean people. We said from the beginning, and we never shied from that, the idea is to set up a fund from Central Bank so as we reducing the tax we could try to replace it. We did not do that right now, but when the prices start to go down we can keep it there to try to get back some of it, not all of it, some of before we bring down the price of fuel.”


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