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Increase in import duties on fuel products Print E-mail
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Written by Administrator   
Thursday, 31 December 2015 00:00

The Ministry of Finance hereby informs the general public that with the arrival of the latest shipment of fuel which is due to take effect at the pump on December 28, 2015, the Import Duties on Premium Gasoline and Diesel Oil increased by 65 cents Belize per U.S. Gallon while the Import Duty on Regular Gasoline increased by 57 cents Belize per U.S. Gallon.

Consequently the new Import Duties applied to these products are as follows:

Premium Gasoline -   $2.96 per US Gallon
Regular Gasoline -  $2.73 per US Gallon
Diesel Oil -   $1.92 per US Gallon
The combined effect of this increase and of the CIF Price Changes associated with the December 28th fuel shipment will result in new Pump Prices per gallon (in Belize City) as follows:
Premium Gasoline -   $9.30 per US Gallon
Regular Gasoline -  $8.52 per US Gallon
Diesel Oil -   $7.00 per US Gallon

This increase has become necessary as a fiscal consolidation measure to strengthen public finances at the start of the new 2016 calendar year and also to compensate for the decline in revenues linked to the decline in domestic crude oil production.

It is anticipated that in the coming weeks the C.I.F. prices of imported fuel products will decline significantly in step with declining world oil prices and that pump prices will stabilize at a point below $9.00 and $8.00  per gallon mark for Premium and Regular Gasolines respectively and below  $6.50 per gallon for Diesel Oil.