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World oil prices have been tumbling and today the price was at US$62.00 a barrel, falling more than $40 a barrel in a month, and has more than halved since reaching a record $147.20 in July.

So why is regular and premium fuel in Belize still stuck at over BZ$10 a gallon? And when will those falling world oil prices give Belizean consumers some relief at the pump?Well, it’s coming, but it will be a little while. 7NEWS today confirmed that Esso’s next shipment arrives in Belize on November fourth, that’s eleven days from now. And under the price regime that operates in Belize, which is as responsive to world oil prices as a donkey is to directions, new prices do not come into effect until the ship is in port. And like we said that’s estimated to arrive on November fourth.

At that time, the price you pay at the pump will reflect the price on the date that it was loaded – not the date it arrives. The ship is already on its way and is currently in the Bahamas. It loads up on the U.S. Gulf Coast and makes multiple stops before arriving in Belize.

At this point no one, neither Esso nor the Ministry of Finance could tell us what the new price will be.