PM Explains That Fuel Prices in Belize As Prices Dip is a “Balancing Act”

This afternoon in Belmopan, we also took the opportunity to put to the prime minister the perspective of some Belizeans who have expressed their view that government’s decision to not reduce fuel prices immediately upon acquisition means the government wasn’t really giving us relief. There is that school of thought that suggests that to keep the fuel prices high, even as it starts to go down, is really taking back from people the relief they were offered when the prices were actually high. But Prime Minister Briceño explained that he had indicated from the onset that the relief would come in the form of a loan from the Central Bank and it is one that has to be repaid. But, he did say the government might have to gain back that money over a longer period now. Here’s how he explained it.

Prime Minister John Briceño

Prime Minister John Briceño

“I did explain what was going to happen. Now what we need to do is to relook at it and probably start to reduce it and return a little and keep a little over a longer period of time so instead of trying to recoup in a few months maybe we could recoup it in a year or two, so we could find ways and we are prepared to do that because we do understand that we need to try to reduce the cost of fuel and I know that the UDP constantly says “Oh, you said you were going to keep it at nine dollars.” Well at that time they were charging three dollars and sixty-four cents a gallon on excise tax. Right now we are charging once cent, once cent, so that’s the difference.”