Posted: Tuesday, July 10, 2018. 2:30 pm CST.
By BBn Staff: The Ministry of Finance announced today that as of midnight last night, the pump prices for Regular Gasoline and Kerosene have decreased.
According to the release, Regular Gasoline declined by 13 cents per gallon at the pump in Belize City to a new price of $10.89 per gallon. The pump price for Kerosene decreased by 43 cents per gallon in Belize City to a new price of $8.21 per gallon.
The release states that the price decreases have come about because the batch of products from a recent shipment was procured by PUMA earlier last month when global oil prices were on the tail-end of a sharp decline triggered by OPEC pumping more oil to ease global supply concerns.
However, the pump prices of Premium Gasoline and Diesel Oil remained unchanged.
The Government of Belize says that they expect that these decreases will be short-lived as oil prices have rallied over the past two weeks due in no small part to elevating geopolitical tensions in Iran and the Middle East.
The release ends by stating that the ‘Government will continue to monitor the situation very closely and will remain engaged with PUMA and other stakeholders involved in the local supply chain to work out ways to keep prices in check as much as possible.’
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