By Breaking Belize News Staff (HP): The Belize government is reportedly losing millions of dollars every month in fuel tax revenue as it tries to shield consumers from even higher pump prices.
New figures released by Financial Secretary Joe Waight reveal just how dramatically fuel import costs have surged this year. According to the data, the landed cost for a gallon of regular gasoline entering Belize jumped from just $4.62 in January to a staggering $9.39 this week, more than double the price in only a few months.
Diesel prices saw an equally severe increase, climbing from $5.44 per gallon to more than $10 per gallon landed in Belize.
To prevent fuel prices from climbing closer to the feared $16 per gallon mark, government reportedly slashed taxes on fuel products. Taxes on premium gasoline were reduced by $1.14 per gallon, while diesel taxes were cut by $1.16.
Despite those measures, Belizeans are still facing painfully high prices at the pump as transportation and living costs continue rising nationwide.
The post Belize bleeds millions monthly to shield drivers from soaring fuel prices appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff (HP): The Belize government is reportedly losing millions of dollars every month in fuel tax revenue as it tries to shield consumers from even higher pump prices. New figures released by Financial Secretary Joe Waight reveal just how dramatically fuel import costs have surged this year. According to the data,
The post Belize bleeds millions monthly to shield drivers from soaring fuel prices appeared first on Belize News and Opinion on www.breakingbelizenews.com.