Gas prices in the United States closing up on all-time high; will prices in Belize keep rising?

By Rubén Morales Iglesias: Gas prices in the United States hit all-time high on Monday with the national average cost of gasoline reaching US $4.32 per gallon, according to CNN.

That is 0.003 of a cent less than the all-time high of US $4.331 per gallon.

What’s more, the price of diesel is already at an average of US $5.54 a gallon. CNN said that is a rise of 22 cents during the last week and 49 cents in a month.

Andy Lipow, president of Lipow Oil Associates, told CNN that over the next two weeks gasoline prices could reach a record high of US $4.50 per gallon.

Gas prices at the pump had not recovered from COVID-19 when the Russian invasion of Ukraine sent prices surging in the US and the world.

The question is will it keep on going up? Will gasoline and diesel move up again?

Belizean consumers have been hit even harder than the United States considering that our economy is by far smaller and poorer and personal income per capita is much smaller as well. Gas prices here are closing up on BZ $15.00 though they have been stationary so far this month.

On April 30 premium gasoline moved up from BZ $14.27 to BZ$14.82 in the Belize City area with higher prices the farther away from the city.

Regular gasoline has been at $13.50 since March 23 when it increased by 66 cents from Bz$12.84.

And diesel has remained at BZ $13.41 for a while now. The Government of Belize said on May 31 that it had managed to keep diesel at BZ $13.41 despite higher acquisition costs.

These prices have cut big holes in people’s pockets, and everyone is waiting for the day when they’ll drop.

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