World fuel prices are falling to record lows - but here in Belize, the more it goes down, the more government increases taxes! The Ministry of Finance announced today that effective tomorrow, the import duty on all fuels are going up. That means an increase of 40 cents per gallon on premium, 30 cents per gallon on regular, and 80 cents per gallon on diesel. So that means that effective tomorrow, the new pump prices will be, 8 dollars and 99 cents per gallon for diesel, seven dollars and 98 cents per gallon for regular, and seven dollars and 52 cents per gallon for Diesel. So, how does that compare with the old prices? Well for premium which is currently nine dollars and 30 cents a gallon, that;s actually going down. Regular, which is currently seven dollars and 61 cents per gallon is going up by 37 cents, while diesel jumps the most: that is currently at six dollars and 52 cents per gallon and it's spiking up by one dollars to seven dollars and 52 cents - a 15% increase.
But Government says "don't worry, be happy" because, quote, "the Ministry (of finance) expects that there may be a substantial downward adjustment in the coming weeks.
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