Fuel prices, including premium and regular gasoline, rose sharply on Friday, March 13th. In San Pedro Town, Ambergris Caye, regular gasoline and diesel are the primary fuels used. To date, the price of regular gasoline has increased from $11.50 to $13.44 per gallon. The price of diesel remains at $12.07 per gallon. The increase, affecting the entire country, has been attributed to the ongoing United States and Israel conflict with Iran in the Middle East, which has reportedly impacted global oil markets.
Prime Minister Honorable John Briceño told the media (News 5) that his administration has been closely monitoring oil prices following the conflict in the Middle East and disruptions at the Strait of Hormuz. This is an important shipping lane used to transport a significant portion of the world’s oil supply. The prime minister said Belizeans should not be surprised by the increase in fuel prices. “There was this unexpected war in Iran, and they have closed down the Strait of Hormuz, where 20% of oil supplies pass,” Briceño said, noting that the surge in prices was expected.
Briceño added that, for now, the global rise in fuel prices will be felt directly at the pump. He said the government will continue monitoring the situation and ruled out the possibility of a decrease anytime soon. If prices keep climbing, Briceño said the government might need to adjust fuel prices in Belize. However, he noted that any reduction in fuel taxes would impact government revenue and resources for public services. The prime minister has previously mentioned that fuel taxes constitute a large part of the government’s income, along with tourism. Without these taxes, he said, supporting programs in areas like health and education would be difficult.
Many islanders are worried that the cost of living might go up on Ambergris Caye. “The cost of living is already very high on the island. This increase, and any future ones, will significantly impact us here,” one islander said. He mentioned that almost everything is shipped to the island from the mainland, so if fuel prices keep rising, the cost to transport goods to Ambergris Caye will also go up. As a result, prices for goods and services may also rise.
Meanwhile, the government has urged the private sector not to increase prices on goods and services following the initial rise in oil prices. If raising prices becomes necessary, businesses should keep them at the lowest possible level while the situation is still being reviewed and monitored.
Share
Read more
