As we reported last night, 15,000 barrels of Venezuelan fuel is on its way to Belize. It's part of the Petrocaribe proposal in which Venezuela will provide oil to the Caribbean on concessionary terms. That means the price will remain the same, but the terms of payment will be easy, meaning that participating governments can save on foreign currency outlays. So while government will get a break, you'll get none at the pump. The Prime Minister explained.
Rt. Hon. Said Musa,
"In fact as I think I one of the TV stations reported last night, the government of Venezuela has already agreed to send a shipment of diesel to Belize. Of course we have to pursue every avenue to try and ensure that we have energy security."
Jules Vasquez.
And the pump price, obviously Venezuela cannot undersell itself on the world market but they can minimize the shipping costs.
Rt. Hon. Said Musa,
"We should benefit slightly from the freight cost. The main benefit of the program really is the credit facility available to the government."
Jules Vasquez,
But so we won't see a real difference in the pump price?
Rt. Hon. Said Musa,
"Unfortunately that should not affect the pump price. It will only affect the general foreign exchange situation of the country, in a beneficial way because we won't have to be paying out that amount in foreign exchange."
According to the Prime Minister, the Petrocaribe fuel will be stored at the Esso Depot.
