Fuel prices in Belize continue to increase, with prices in San Pedro now reaching $15.45 per gallon for regular gasoline and $15.58 per gallon for diesel. The government explained that Belize is a smaller player in the fuel industry and that efforts are being made to keep prices down. Officials said that, in doing so, the government has forgone around $80 million in revenue. Prime Minister, Honorable John Briceño, told reporters on May 20th that the forgone revenue was already accounted for in the current fiscal budget.
“These monies have already been programmed within the budget, but we just cannot afford to pass the entire cost to our citizens,” Briceño said. “As a government, we have decided to cut the taxes we charge and still give a little bit at the pump. We are doing our best to hold down the cost, but it is impossible for us to absorb everything.” Briceño added that his administration has already made several decisions to cut goods and services in order to balance the budget.
The Prime Minister further stated that the government will not compromise social services such as grocery assistance for those in need, housing and land programs, education, and the National Health Insurance program. “These are important pillars of the PUP government and Plan Belize 2.0,” Briceño explained. “We have to compromise on other things. Despite fuel prices continuing to rise, we are cutting taxes because we want to find that fine balance between the cost of fuel and taxation.”
Fuel prices on the island in mid-February saw diesel at $12.07 per gallon and regular gasoline at $11.50 per gallon. Islanders have since shared their frustration on social media over rising fuel costs, noting that they are making day-to-day living on Ambergris Caye increasingly difficult. The prices of goods and services are also expected to continue rising, as most products are transported from the mainland.
In the tourism sector, the prices of food, tours, and other services may also be affected. One tour operator shared that some businesses may need to raise prices due to rising fuel costs. “If they do not make such adjustments, it may not be profitable,” the tour operator said.
Several businesses said they are trying to maintain their current rates but acknowledged that it will become increasingly difficult if fuel prices continue to rise.
In the transportation sector, particularly among water taxi companies, prices have remained unchanged for now. One of the companies, San Pedro Belize Express, confirmed that round-trip tickets between Ambergris Caye and Belize City remain at $77 with membership and $83 without membership.