Tonight, Belizean business and vehicle owners are bracing for a heavy blow - maybe the heaviest ever. That's because the price of diesel fuel is going up by two dollars and 50 cents per gallon. So, in Belize City that means it's going from $12.05 per gallon to $14.55 per.
That's a 20% increase in one fell swoop - certainly the largest single increase we have ever reported on. And because diesel is the primary fuel in the transport, commercial and industrial sectors - it will surely have a major effect on the cost of living. And this evening, vehicles were already lining up at gas stations.
The sharp, unprecedented spike is the result of soaring world oil prices as a result of the ongoing conflict in Iran which has paralyzed shipping routes for oil tankers.
In other breaking news tonight, cargo is flowing once again from Mexico through Belize's northern border. After a 6 day closure, the border was opened up to cargo trucks earlier this afternoon reportedly after a meeting on the Mexican side with brokers, transporters, customs and the cartel - which has allegedly demanded that each crossing truck pay a fee. The opening is reported to be temporary but it is a huge relief for Belizean importers who had shipments pending. For some though, especially vegetable importers, it's too late because their vegetables have already spoiled. We'll have more on this story later in the news when we talk to Belize's ambassador in Mexico.
