The Israel - Iran war is in its sixth day and as the conflict escalates, oil prices are expected to climb.
And while the price per barrel is currently hovering around 75 dollars, in early May it was at 57 dollars with hardly any discernible change in the pump price here in Belize.
We asked the Minister of State in the Ministry of Finance why Belize's pump prices haven't reflected changes in global market rates, and he explained the reasons behind the disparity.
Christopher Coye, Minister of State in the Ministry of Finance
"I think in terms of fuel there are shifts upwards and downwards and with respect to the fuel and the tax revenues from fuel that is adjusted having regard to those changes in fuel prices but at the same time the government does have to generate tax revenue to pay for all the expenses including the proposed salary increases."
