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PM Barrow explains increase in fuel prices

Posted: Thursday, May 17, 2018. 9:17 a.m. CST.

By BBN Staff:Fuel prices once again went up this week and many Belizeans raged on social media, ranting about the consistent increase in fuel prices in Belize.

At yesterday’s press conference, Prime Minister Dean Barrow explained the reason for the increase in fuel prices.

“ I want to make clear that as all the world, we are going to be in for a difficult time in terms of fuel prices because of the acquisition costs, the global costs of oil is increasing at a rate that small countries such as ours is alarming,” Barrow stated.

Barrow also explained that there is an increase in global demand for oil and a decrease in oil supply because of a decision taken by Organization of Petroleum Exporting Countries (OPEC) and also because of the political developments in Venezuela.

Venezuela is now shipping under 1 million barrels per day, which represents a 41% decrease from the previous year.

“With the threat of additional sanctions by the US, Venezuelan production to the global oil supply can perhaps be expected to plummet more,” Barrow explained.

So, in other words, Belizean will just need to bear the burden of high and rising fuel costs because government can do nothing to ease the rising and almost impossible cost of living.

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