Fuel Crisis Takes Center Stage at Belize Energy Summit

Belize is in the regional spotlight as it hosts the sixty-fifth meeting of the Latin America and Caribbean Energy Organization, and front and center on the agenda is the rising cost of fuel. Energy leaders are warning of trouble, with new data showing prices climbing sharply across the region, up fifteen percent for regular and premium fuel, and a staggering twenty-two percent for diesel. Now, experts are warning this could be more than just a price spike. According to Executive Secretary Andrés Rebolledo, the global economy may be edging toward stagflation, a rare and troubling mix of high inflation and slow growth that could hit the region hard.

 

Andrés Rebolledo, Executive Secretary, OLACDE

“Generally speaking, there are different measures that countries have taken. Generally there is three or four, subsidies, but the level of subsidies you apply depends on your fiscal pressure or capacity. There are many countries that applies tax exemptions, but very specific sector like energy or transport. And then there are other countries they have applied political technical negotiations with the specific sector, for instance in the case of some countries, there are discussions even today to fix prices for the gasoline network. Analyst, even politicians around the world are saying two things. The first is that we are very close to stagflation, that would be very bad news for the world, not only the energy sector but the global economy. We hope the issue resolve quickly. There are also analyst that says we are living in a freezing conflict.”

 

At the meeting, regional energy partners explored joint strategies to cushion economic shocks and adopt sustainable solutions to rising fuel costs.

 

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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