| Venezuela’s Instability Influences High Fuel Prices |
| Fri, May 12, 2017 |
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| As we told you last night the price per gallon of premium fuel has broken the $11 dollar mark. And this comes at a time when world oil prices are trending down. Now, a large part of the price - about half - are those new government taxes which have to raise 20 + million dollars this year. But another large part of it is the increasing cost of getting oil from Venezuela - which is going through a prolonged period of instability. The Prime Minister explained:
Rt. Hon. Dean Barrow - Prime Minister
"However, in the case of Belize, because we are sourcing supplies from Venezuela and they are having problems with being able to deliver, we put in the order and then Puma ends up having to go and short notice somewhere else and they pay a little bit of the Premium. And I think even the question of the haulage, the freights then becomes more expensive so that's what's been happening to us."
Jules Vasquez - reporter
"So once again a relation to Venezuela is costing us."
Rt. Hon. Dean Barrow - Prime Minister
"Indeed, but it's costing us on the one hand, but it's still the gift that keeps on giving on the other, though not quite as handsomely, not quite as lavishly, not quite as bountifully as before. Remember that as long as they are still able to supply us with a portion of our needs, we still benefit from the arrangement in which a portion of the price is used by us as a long term loan."
PUP Representative Jose Mai told the house today that the average price of gasoline around the world is seven dollars and eighty two cents Belize per gallon. He added that in all of Central America only Costa Rica and Belize have fuel above that average world cost. He says, a gallon of regular costs 7.96 in Costa Rica; it costs $10.26 per gallon in Belize.
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