BCCI Presses Government for More Fuel Relief as Prices Remain High

The Belize Chamber of Commerce and Industry, BCCI, is continuing to press Government for greater fuel price relief as pump prices across the country remain high, particularly for diesel users.  The Chamber is now urging Government to consider temporary tax relief measures, including possible reductions in excise duties or other targeted interventions that could translate into lower prices at the pumps. According to the BCCI, while the percentage rate of taxes on fuel may have been adjusted downward, the actual dollar amount collected in excise taxes has remained relatively steady despite shifts in global oil prices.  The Chamber says it has now written a second letter to Prime Minister John Briceño appealing for additional measures that could ease the burden on consumers and businesses affected by rising fuel costs. The latest correspondence, sent on May 27, follows an earlier letter dispatched on April 21 requesting greater transparency in the way fuel prices are determined in Belize. In the follow-up letter, the BCCI acknowledged Government’s decision to resume publication of fuel price composition schedules, describing it as a positive step toward greater transparency. At the same time, the BCCI has launched an online fuel tracker aimed at giving the public a clearer understanding of how local fuel prices are moving over time.  The tracker shows that as of May 20, diesel was selling at fifteen dollars and eighty-five cents per gallon, regular fuel at thirteen dollars and sixty-one cents, and premium at fourteen dollars and sixty-one cents.  In simple terms, the graph tracks how fuel prices have changed month by month since January 2022. The chart also compares local prices against international crude oil costs and provides a breakdown of the different components that make up the final pump price, including taxes and acquisition costs.  The Chamber says the initiative is intended to help consumers and businesses better understand why fuel prices fluctuate and how international oil prices, taxes, and other charges affect what Belizeans ultimately pay at the pump.  The BCCI says it remains willing to engage constructively with Government on balanced solutions that support both economic stability and consumer relief.