Government increases fuel prices (for the 2nd time in 1 week)

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By BBN Staff: Fuel prices in Belize increased for the 2nd time in 1 week.

At around midnight on Friday, the cost of Super rose by nine cents ($.09) and now stands at $10.44 per gallon.

On midnight, last Monday the cost of Diesel rose by one cent ($.01) to $9.07 per gallon while Regular rose by two cents ($.02) to $9.62 per gallon.

While fuel prices increase, the cost of commodities in the country are expected to increase as well in 2017 due to the austerity measures that the Government of Belize will enact when the 2017/2018 budget is read in Belmopan.

Although the price of crude oil remains low in international markets, in Belize the prices remain extremely high due to heavy fuel tax (exceeding $4.00/gallon) that is levied by government.

Small price increases like this one, however, are normally caused by increases in the acquisition cost for imported fuel rather than by an increase in the fuel tax.

 

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