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Government keeps diesel below 14 dollars despite higher acquisition costs

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Posted: Thursday, March 31, 2022. 3:32 pm CST.

By Aaron Humes: The Ministry of Finance this afternoon announced that it has averted a further price increase for diesel gasoline that would have taken effect at midnight.

Prices will remain at $13.41 per gallon in Belize City and slightly higher in the districts with the addition of transportation costs. No additional changes were announced in prices for other gasoline products.

There was a further increase in acquisition costs on the diesel shipment that came to Belize this week, but the Government further reduced levies on diesel by 76 cents. A total reduction of $1.93 per gallon on diesel was reported this month with the addition of an earlier reduction of $1.17 on March 12.

The government said “Countries all over the world are enduring fuel price surges as a direct consequence of Russia’s invasion of Ukraine. Though future prices are impossible to predict, the Government of Belize continues to examine all viable policy options for minimizing the fuel price shock, balancing as best as possible between the twin demands of affordable pump prices and national budgetary requirements.”

A statutory instrument reducing the taxes with effect from April 1, 2022, will be issued shortly.

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