PM Briceño Addresses Fuel Shock as Prices Rise

With gas prices squeezing wallets and nerves already frayed, the Prime Minister weighed in just before news time tonight. As promised over the weekend, Prime Minister John Briceño released a video statement addressing the ripple effects of rising global oil prices and the hit Belizeans are feeling at the pumps. He didn’t stop there. The Prime Minister also laid out how his administration plans to respond to what he called an external economic shock, and what relief, if any, Belizeans can expect moving forward.

 

Prime Minister John Briceño

“In the last two months world oil prices have surged by seventy-six percent, from about sixty U.S. dollars to a hundred and five U.S dollars per barrel. All this considered, let me assure you that there is no immediate threat to our fuel supply. While no buyer can be protected from what we see on the news everyday about fuel supply, Belize’s supply currently estimated at some five million dollars a month is so far assured. Yes there have been and will continue to be adjustments to the price at the pumps and to the prices of certain products and services related to fuel cost. Let me address the issue of the cost we pay at the pumps. When the acquisition price rises, that is to say the price paid by Puma and its suppliers, the excise tax collected by the government does not rise. This is a fixed amount and this amount, the excise tax collected has been significantly reduced by the government since this crisis started. In fact, the excise tax charged on regular gasoline has been cut by sixty-eight cents. And the excise charge on diesel has been cut by one dollar and fifty-five cents. These two tax reductions amounts to four point seven million a month or a projected sixty-million dollars for this budget year. I assure you that if the acquisition cost for fuel continues to rise Cabinet will consider further adjustments. We are mindful that if oil prices continue to rise then government may need to introduce more substantial cost saving measures.”

 

Government Tightens Belt Amid Economic Strain

 

The Prime Minister went beyond fuel prices and signaled tough cuts ahead. John Briceño addressed the tense talks with the Belize Bus Association, then outlined Cabinet’s broader response to rising costs. His government will freeze thirty million dollars in capital projects, cut another thirty‑five million from goods and services, and slash travel, shifting international meetings online. Briceño says the goal is simple: ease the pressure on Belizeans as economic strain builds.

 

Prime Minister John Briceño

“With regard to domestic transportation and the recent issues with our bus operators concerning bus fares, the Cabinet determined by the nascent National Bus Company will remain at current rates. For private bus operators that demanded increases, the government has approved a generous subsidy that specifically covers the incremental fuel cost. Over the next three months government will provide a three-dollar fuel subsidy to all private bus operators. This measure is intended to prevent any major increase in bus fares for commuters who travel within or outside their districts during this period. And I propose to go even further to tighten our belts so government embraces its fair share of sacrifice. Cabinet and I agreed to the following. Firstly, we will defer thirty million dollars in capital expenditures previously programed for this budget year. Secondly twenty-0five million dollars will be cut from goods services allocated across all ministries and departments. Thirdly, we will continue to tighten expenditure by significantly reducing international travel which will require less subsistence for meetings. This will be achieved by insisting on attending and organizing meetings virtually. We will also continue to cut the government’s fuel bill by limiting the use of government vehicles. At the end of the first quarter, we will assess government performance to determine what other measures are necessary. While we have made these hard adjustments, I want to empathize that our social safety net spending will not be disrupted.”

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

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