PM Barrow Says Price of Gas Will Decrease Print E-mail
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Thursday, 16 July 2009 12:11

On Wednesday, July 15, while on Wave Radio, the Prime Minister of Belize, Hon. Dean Barrow, announced that the price of fuel is scheduled to see a sharp decrease.

He said that he was going to pursue legislation in House of Representatives to lower the cost of fuel but after paying close attention to the international market he noticed that there is a downward trend in the acquisition cost of oil.

The Prime Minister said that the recent increase was based on the idea that the rebounding global economy would produce a rise in the demand for fuel. However, that was not the case and now there is an overflow of supply on the market. He quoted basic economics which proves that a high supply and low demand leads to decrease in price.

The Prime Minister said, “The next shipment will see a significant decrease in price and the one after will decrease even further.” He said that the last time he checked the price of oil was $58 a barrel which is significantly lower than the price at the last shipment. At that time the price was at over $70 a barrel.

PM Barrow said that he expects the price to reach as low as $55 a barrel very soon.