106 Countries Feeling the Pinch of Rising Fuel Prices

Fuel prices have risen in more than 100 countries since the war between the United States and Iran began almost two months ago in February.

Brent crude surged above $100 per barrel in late April and early May, driven by fears of prolonged disruptions to shipments through the Strait of Hormuz.

According to Global Petrol Prices data, gasoline prices rose in 106 countries within three weeks of the war’s outbreak, with the Philippines recording the steepest increase at more than 54%.

In the US, gas prices are now averaging above $4.50 per gallon nationally, up roughly 50% since the war began. For Americans, the price surge lands ahead of Memorial Day and at the start of the summer driving season. CNN reported this has added to the cost-of-living frustrations that have soured voters on the Trump economy.

Belize has not been spared. Fuel prices have climbed for the fourth time this year, with regular gasoline and diesel in Belize City now at $14.83 per gallon and premium at $14.53. Prices are steeper further south, with diesel in Punta Gorda reaching $15.80 per gallon.

The US-Iran war has affected global supply and driven forces behind the increases. Prime Minister John Briceño maintains that his administration spared fuel consumers in Belize a greater price impact.

“We are a very small player when it comes to fuel. We are buying a hundred gallons; the United States is buying a million gallons. So, they get better prices. What we have been doing is trying to cut the taxes on fuel. About now we have given up about eighty million dollars in revenue,” Briceño said on Wednesday.

Despite the government’s tax cuts so far, the public is still feeling the pinch at the pump. “I usually spend a lee fifty every two or three days, but ih feel like right now I the spend that every day and a half,” said one Belize City resident.

Meanwhile, leader of the Opposition Tracy Panton maintains that the government is not doing enough to mitigate the impacts on Belizeans, calling the current state of high fuel costs and high cost of living “COVID 2.0”.