Fuel prices at record high; Government has Solutions Print E-mail
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Thursday, 29 March 2012 00:00

The price of Premium Gasoline reached a record of .12 at the pump in Belize City on Wednesday March 28th. Diesel stood at .10 and regular gasoline was at .81. The prices at the pump are indicative of an ever-escalating price on the international market and Belize, like most countries, is at the mercy of the oil-producing economies that dictate when the price of fuel goes up or comes down.

While the international market dictates the price of fuel consumed, the Prime Minister Rt. Hon. Dean Barrow has said that one of his government’s priorities is to ensure that the public is not gouged at the pump. Already, the government is looking at the Petro-Caribe initiative where the government will be buying fuel from Venezuela at a discounted price and the savings will be passed on to consumers. The mechanism is being put in place and the relief is soon to come.

Another form of relief will come when the government establishes its petroleum refinery, which will see the drastic reduction of the price of fuel when it is being processed in the country.

Even as these mechanisms are being worked on, the government took a major absorption in the acquisition cost of fuel just before the general elections, so that the Belizean public does not suffer as a result of high international fuel prices.

For context, we note that the price of fuel has been on a steady increase. In Barbados, for example, the price of gasoline is at $12.75. It’s a world crisis that the government of Belize is sure to address in the very near future.