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BELIZEAN GOVERNMENT MITIGATING IMPACTS ON FUEL PRICES

Gas pump


July 13, 2022 | By Colin O. Jarrett |

The Government of Belize is taking steps to cushion increases in the imported price of fuel products, which has risen substantially as a consequence of, among other developments, the war in Ukraine.

It states while the acquisition costs of fuel have increased more than 300% since November 2020, Government has substantially mitigated that increase by fixing prices on diesel and regular gasoline since March and dramatically reducing import duties on such fuels.

From November 2020 and continuously for years before that, excise tax on diesel and regular gasoline was $2.95 cents per gallon respectively.

Today those taxes have been reduced by virtually 100% and 77% respectively down to less than 1 cent and 75 cents per gallon.

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