Posted: Tuesday, February 26, 2019. 6:05 pm CST.
By BBN Staff: The Ministry of Finance announced that at midnight, the pump price for diesel oil will increase by 33 cents from $9.97 to$10.30 per gallon, while the pump price for kerosene will increase by 29 cents from the $7.45 to $7.74 per gallon.
According to the ministry, these price increases are due to a reduction in supply from the OPEC countries and are also due to geopolitical uncertainties combined with an increase in demand in North America during the current winter season.
The seeming increase in the frequency of fuel price changes is due largely to high seasonal demand, particularly in the aviation, construction, and tourism sectors, combined with limited bulk storage capacities which together result in a need for more frequent shipments of fuel to the country in recent months.
The Government of Belize says that it is working closely with the fuel industry to overcome these limitations and to ensure that the supply of fuel is at an optimum level and that prices remain as low as possible.
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