If you're going to gas up for the long weekend our advice tonight is to scrape up those pennies and do it now because at midnight, the price of gas is going up again.
For the second time in three weeks, prices will be going up by an average of 7 cents a gallon. In Belize City, premium gasoline will break the $8 threshold for the first time, as it is bumped up form $7.98 to $8.05 a gallon. Regular is also going up 7 cents, while diesel increase by 8 cents and kerosene by 6 cents.
A government press release explains that the hike at the pump is because the acquisition cost for regular fuel shot up by 30 cents, while diesel went up by 15 cents and kerosene by 12 cents. No premium fuel was imported in this shipment. Government has decided to absorb half of the increases and pass some on by tacking it unto the cost of premium gas. Of course don't mistake tweaking of the taxes for generosity, more than half of every gallon of premium gasoline still goes back to government in the form of taxes. Still, global oil prices will continue to go up, and increases are expected to continue.