By Caribbean News Now contributor
BELMOPAN, Belize — According to the Ministry of Finance in Belize, as a consequence of the continuing rise in world oil prices, there will be a sharp increase in the CIF prices of fuel products on the shipment that was due to arrive in Belize on Friday.
The government went on to say that, mindful of the negative effects that this would have on the public, it has taken a decision to absorb the price impact by varying import duties on this shipment only, in order to maintain fuel prices at their current level, with the exception of kerosene, which will increase by six cents per gallon.
This is said to be a one-off action and will be reviewed when the next shipment of fuel arrives in the country.
The impact of the CIF price increases, if not mitigated, would have resulted in pump prices of gasoline and diesel increasing by slightly over fifty cents per gallon and twenty-seven cents per gallon respectively.
The cost to the government of this intervention to save the public from higher pump prices is estimated to be $1.5 million over the next four weeks.
In the meantime, the government said it intends to urgently seek new sources of supply for imported fuel on more favourable terms, so as to provide stable prices and lasting relief to consumers.
General and municipal elections are due to be held in Belize on March 7.