Posted: Friday, September 29, 2017. 12:55 p.m. CST.
By BBN Staff: The cost of fuel should be decreasing by mid October according to Prime Minister Dean Barrow.
In a press conference on Thursday, PM Barrow explained that the hiked prices were due to instability in Venezuela, our fuel provider.
Barrow explained that there were moments when Venezuela could not meet Belize’s quota and so importers had to make last minute moves to meet the quota.
This caused Belize to pull out of the Petrocaribe Agreement (PA).
Belize has now decided to re enter the PA following discussions with Venezuelan officials.
According to PM Barrow, if the new agreement does not see a reduction in costs, his government will absorb the costs and therefore reduce what it gains from taxation.
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