The Ministry of Finance announced that at midnight on May 22, 2019, the pump price for regular gasoline will decrease by 39 cents from $10.87 to $10.48 per gallon, while the pump price for kerosene will increase by two cents from $7.81 to $7.83 per gallon.
These price changes reflect current demand and supply conditions which are influenced by a number of factors. The upward trend observed in world crude oil price since the start of 2019 was at a peak on April 23, 2019, and has since taken a downward path, even as the price per barrel fluctuates. While this respite in oil price is affecting the current pump price at home, all indications are that crude oil prices will rise in the future notably due to the following:
- Geopolitical events in Venezuela and Iran and the consequential impact of these on the production and shipment of oil in the Middle East continue to push higher crude oil prices.
- Since March 2019, the gasoline output from the oil refineries in the USA has been well below the production in 2018 due to disruptions caused by fires at facilities in Texas and California.
- OPEC and its allies are planning to meet at the end of June to discuss a way forward on oil production, and its consequential price effect, given the emerging market conditions.
The Government of Belize will continue to monitor the price movements and supply conditions closely and work with the fuel industry to try to contain as much as possible the pump prices paid by Belizeans.