Ministry of Finance says gas prices expected to trend down

Posted: Wednesday, June 27, 2018. 9:00 a.m. CST.

By BBN Staff: The Ministry of Finance announced yesterday that the price for Diesel oil was decreased by 22 cents per gallon at the pump in Belize city.  

The new price for Diesel is now $10.75 per gallon. 

This decrease in the price of Diesel was preceded by a sharp fall in the price of Regular gasoline of 33 cents, which took effect on June 18, 2018.  

The current price of Regular now stands at $11.02 per gallon. 

According to the Ministry, it is expected that the pump price of Premium gasoline and Kerosene will decrease by a similar extent with the arrival of the next shipment, which is due at the end of this week. 

The fall in fuel prices is a result of the stabilizing of supply in the world market as the members of Oil Producing and Exporting Countries (OPEC) have stepped up production to meet demand. 

The government says that it continues to work with PUMA and all other industry stakeholders to ensure that the current downward trend in world oil prices is passed on locally as quickly as possible.