Another increase in fuel was announced by the Ministry of Finance on Tuesday, February 26th, for diesel oil and kerosene. As of Wednesday, February 27th, diesel fuel will increase from $9.97 to $10.30 per gallon, while Kerosene will increase from $7.45 to $7.74 per gallon.
According to the Government of Belize (GOB), the increases are due to a reduction in supply from the Organization of Petroleum Exporting Countries. The increase in prices has also been associated with the geopolitical uncertainties combined with an increase in demand in North America during the current winter season. In Belize, the increase in the frequency of fuel price changes is believed to be largely because of high seasonal demand in the aviation, construction, and tourism industries.
For island residents, fuel prices vary because fuel must be barged to Ambergris Caye. Many islanders, particularly taxi drivers, have been forced to increase their fares to be able to make any profit. The constant rise in fuel prices has also impacted the travel industry, as getting to the island has become more expensive.
In the meantime, GOB as pledged to work closely with the fuel industry to overcome the increases, while ensuring an uninterrupted supply of fuel to the country.
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