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PM Says Fuel Price Coming Down Soon
Wed, October 18, 2017
And, coming off all that talk about a broken boulevard, what about the gas for the cars that drive on it? Two weeks ago the Prime Minister promised lower fuel prices by mid-month. Today he said, wait a few more days for an incoming shipment of fuel from Venezuela:...

Jules Vasquez, reporter
"Mr. Prime Minister, fuel prices, the mid-month has passed only the regular went down at about the 9th [October]...

Rt. Hon. Dean Barrow, Prime Minister
"Give me another few days, going down."

Jules Vasquez, reporter
"Is it a concern in this regard that the Trump Administration has put sort of a kingpin designation - the equivalent of a kingpin designation on Venezuela and its oil company PDVSA in so far as not allowing US banks to do business."

Rt. Hon. Dean Barrow, Prime Minister
"It is causing some problems, but the Venezuelans and ourselves, we are trying to work it out, because the question of payment and how to effect foreign currency payment to PDVSA lose or large in the context of Mr. Trump's actions. Although I must say that when I checked on the sanctions, as I understood it there are no sanctions against PDVSA as PDVSA. There are sanctions against individuals. There are designations of President Maduro and so on, but the banks, even though you point that, say we will not touch any transaction. We will not, with a 10 foot pole, we will not facilitate any currency transfer to Venezuela. So it is a difficulty, but the Venezuelans have been extremely good in allowing us to pay for the fuel in Belize dollars. Now when and how a conversion will be able to take place is a matter that's very much up in the air. In the meantime though a ship set out from Curazao maybe 2-3 days ago with Venezuelan oil filling an order that has been placed after PUMA got in the one that saw some reduction in price and by our calculations when that shipment is landed you will see a further decrease in prices to below where the prices were when we had that spike."

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