The Petrocaribe programme - it has the Barrow Administration awash in cash and freely funding multiple infrastructure programmes across the country. But what if Petrocaribe just went away? With the turmoil in Venezuela, it's a topic that's been speculated on for months, and today the Financial Secretary Joe Waight said that's just what could happen. Here's what he told the media this morning in Belmopan:..
Joseph Waight, Financial Secretary
"The Petro Caribe is tenuous, going forward. The world oil price has fallen and therefore the amount of money coming from the Petro Caribe has also fallen. How much longer Petro Caribe will last, we don't know. But we are not planning that it will last for perpetuity."
According to the Financial Secretary, the Petrocaribe Fund has accumulated 270 million dollars - and there's 160 million currently in the account - meaning about 110 million dollars has been spent.
And while fund isn't growing as fast as it was when oil prices were high, it's still growing, more so since the last shipment of fuel. The new pump prices show the prices trending up sharply. On Saturday the price for a gallon of premium fuel went up almost 10%, by 77 cents per gallon, from eight dollars and three cents per gallon to eight dollars and eighty cents. The price of regular went up only nine cents from eight dollars and four cents to eight dollars and 13 cents, while diesel went up by 40 cents per gallon, from $7.31 per gallon to $7.71.
Email
Print