Buy gas now! – or better yet, buy diesel now because prices are going up by a lot at midnight. The fuel most used by Belize’s productive sector will go up by 94 cents – from $9.61 to $10.55. Kerosene will also jump 94 cents – from $9.56 cents to $10.50. Premium and regular will both increase by 23 cents – to $10.82 for premium and $10.68 for a gallon of regular gas.
So why is diesel, which is supposed to be cheaper, going up by so much? Well, government has eliminated the revenue replacement duty on it – so they are no longer able to absorb the increases in acquisition costs. So that means when the acquisition price goes up, the pump price increases commensurately. All this is reflective of world oil prices which are at a record high. They closed at $127 a barrel today.
The last increase was at the beginning of May. The increases were between 50 and 80 cents.
