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Fuel Prices Rise Again Due to Increase in World Oil Prices

The Ministry of Finance advises that with effect from midnight on May 16, 2018, there will be adjustments in the pump prices of fuel products as follows:

Belize City Prices:
Premium Gasoline – $11.36 per gallon – down by 3 cents
Regular Gasoline – $11.14 per gallon – up by 10 cents
Diesel Oil – $10.60 per gallon – up by 11 cents
Kerosene – $7.75 per gallon – down by 12 cents

There has been a steady increase in world oil prices over the past few weeks due to an increase in demand for the summer months. This has outstripped the ability of major oil producers to respond with sufficient increases in supply in time. The Government has engaged with the key importer, PUMA, to rationalize the delivery cost of the supply into Belize. This has resulted in the decreases in the prices of Premium and Kerosene which become effective as stated above.

The Government of Belize is concerned, however, that recent developments in the Middle East and Iran, as well as the announcement of further sanctions against Venezuela, will result in a significant increase in world oil prices. The Government is monitoring the situation very closely and will, therefore, continue to work with PUMA and with all local suppliers, wholesalers, and retailers to ensure that any increases are kept to a bare minimum and remain for the shortest possible time.

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