Gas Prices Dip Again at the Pumps

On Christmas Day, gas prices at the pumps dropped for a second time in forty-eight hours. The cost of premium gasoline reduced by eighty-five cents to ten dollars and forty-seven cents per gallon, while the price of diesel which went down by ninety-two cents to nine dollars and eighty-three cents per gallon. According to a release from the Ministry of Finance, the plunging fuel prices are principally due to weakening global demand, reflecting concerns about economic growth prospects in 2019, but also as a result of surging production in the United States, Saudi Arabia and Russia. The ministry also says that as of last month, Belize has fully adopted the new Central American standard for higher quality, cleaner and more environmentally-friendly low sulfur diesel. G.O.B. continues to work with PUMA and all other industry stakeholders to ensure that the current downward trend in world oil prices is passed onto consumers.