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US/Iran tensions could impact gas prices in Belize

Posted: Thursday, January 9, 2020. 2:10 pm CST.

By BBN Staff: There are increasing fears internationally that the rising tensions between the United States and Iran could result in higher world market prices for oil, which would translate into higher prices for gas; an impact that Belize would not be exempt from feeling.

Financial articles published this week from entities like CNN (Business) and Bloomberg said that if the US/Iran conflict continues to escalate and disrupt oil shipments from middle-eastern countries, the limited supply and increasing demand would send oil prices skyward.

 “Crude oil prices, while higher, haven’t spiked as much as they could if Saudi Arabia or even Iraq were to have their shipments disrupted,” CCN said.

Bloomberg noted that the real concern was if Iran retaliated following the US assassination of Iranian General  Qassem Soleimani. Those fears came even closer to being realized on Tuesday when Iran fired over a dozen missiles into Iraq at military bases housing US troops. The Us reports that none of its troops were killed in the attack and that the base was minimally damaged, but it remains to be seen whether the conflict will continue to escalate.

With the conflict now spilling into Iraq, it remains to be seen what awaits world oil prices, which peaked at just over US$60 a barrel today, keeping below the 52-week average of US$66 per barrel.

The cost of gasoline in Belize had a turbulent 2019, with a total of 31 price adjustments beginning on January 9, and ending on December 18. 

 

Many of the adjustments were reductions, but the majority were price increases. 

 

Gas prices per gallon at the first adjustment were: Premium, $10.47; Regular, $9.31; Diesel, $10.06, and Kerosene, $6.82. The year ended with gas prices standing at: Premium, $10.74; Regular, $10.06; Diesel, $9.83, and Kerosene, $7.51.

There have already been two price adjustments for fuel in 2019. The first, which happened on January 3 was a two-cent reduction in the price of Premium, bringing it marginally down from $10.74 to $10.72; and the second, which happened on January 8, saw Diesel go up by 23 cents from $10.0 to $10.29.  

 

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