Diesel Costs In Belize: Understanding The Price At The Pump

As of 22 July 2024, the price of diesel in Belize was 3.368 Belize Dollars per litre. This is a notable increase from 2016, when the price was 1 US dollar per litre. In May 2020, the pump price for diesel was $7.89 per gallon, a decrease of $0.36 from the previous price of $8.25.

The pump price of diesel in Belize is 3.368 Belize dollars per litre

As of 22 July 2024, the pump price of diesel in Belize is 3.368 Belize dollars per litre. This price is higher than the average price of diesel worldwide for this period, which is 2.50 Belize dollars per litre.

The pump price of diesel in Belize has likely fluctuated since 22 July 2024 and may be different now. However, this information represents the most recent data I could find.

Fuel prices refer to the pump prices of the most widely sold grade of diesel fuel. Prices may be converted from the local currency to US dollars or other currencies.

In Belize, the price of diesel is likely displayed at gas stations or petrol pumps. It may also be available on websites or mobile applications that provide information on fuel prices. Additionally, government websites or press releases may announce changes in fuel prices or provide updates on the current prices.

It is worth noting that fuel prices can vary based on demand and supply conditions in the international petroleum market and fluctuations in the acquisition price of refined fuel products. The price of diesel in Belize may also be influenced by the country's import sources and the fuel industry's dynamics.

In 2020, the price of diesel in Belize was $7.89 per gallon

The price of diesel fuel in Belize has fluctuated over the years. For instance, in 2012, the pump price for diesel fuel was $1.21 per litre, which decreased to $1.00 per litre in 2016. This was a record low for diesel prices in Belize, with prices as high as $1.21 per litre in 2012.

As of July 22, 2024, the price of diesel in Belize was 3.368 Belize Dollars per litre. When converted to US dollars, this amounts to approximately $1.68 per litre. This price is higher than the average price of diesel globally during this period, which is $2.50 per litre.

The price of diesel fuel is determined by a variety of factors, including the demand and supply of crude oil in the international market, as well as the acquisition price of refined fuel products. The Government of Belize closely monitors these price movements and supply conditions to safeguard the pump prices paid by Belizean consumers.

In 2016, the price of diesel in Belize was $1 per litre

In 2016, the price of diesel in Belize was a relatively affordable $1 per litre. This price was the result of fluctuations in the diesel market, which saw prices increase steadily over the previous decade, from a low of $0.53 per litre in 2008.

While the price of diesel in Belize was favourable in 2016 compared to previous years, it is worth noting that the price of diesel can vary significantly over time, and this trend continued in the years following 2016. For example, in March 2022, the pump price of diesel in Belize City was $13.41 per gallon, with prices slightly higher in other districts to account for transportation costs. This price was maintained through a reduction in taxes and levies on diesel by the Belizean government, who were attempting to minimise the fuel price shock caused by the Russian invasion of Ukraine.

The price of diesel in Belize is influenced by various factors, including the current demand and supply conditions of crude oil in the international petroleum market and fluctuations in the acquisition price of refined fuel products in the countries from which Belize obtains its supplies. These factors can cause the price of diesel to fluctuate, as was seen in 2020 when the pump price for diesel decreased by $0.36 from $8.25 to $7.89 per gallon.

While the price of diesel in Belize may vary, it is important to the country's economy and transportation sector. As such, the Belizean government closely monitors price movements and supply conditions to safeguard pump prices for Belizean consumers.

The price of diesel in Belize is higher than the world average

In 2016, the price of diesel in Belize was 1 US Dollar per litre, which was a decrease from 1.210 USD in 2012. The price of diesel in Belize has fluctuated over the years but generally showed an increasing trend from 2006 to 2016.

The pump price of diesel in Belize is subject to change and is influenced by various factors, including the current demand and supply conditions of crude oil in the international market and fluctuations in the acquisition price of refined fuel products in the countries from which Belize obtains its supplies. For example, on 4 May 2020, the Ministry of Finance announced a decrease in the pump price for diesel from $8.25 to $7.89 per gallon, reflecting the market conditions at the time.

The Government of Belize closely monitors price movements and supply conditions and works with the fuel industry to safeguard pump prices for Belizean consumers. Despite these efforts, the price of diesel in Belize remains higher than the world average, which can have economic implications for the country and impact industries that rely heavily on diesel fuel, such as transportation and logistics.

The price of diesel in Belize is influenced by international supply and demand

The price of diesel fuel in Belize, as in most countries, is influenced by international supply and demand. The country's fuel prices are impacted by fluctuations in the acquisition price of refined fuel products in the countries from which Belize imports its fuel.

On July 22, 2024, the price of diesel in Belize was 3.368 Belize Dollars per litre. This is higher than the global average for this period, which was 2.50 Belize Dollars per litre, or 1.24 US Dollars per litre. The price of diesel in Belize has decreased since May 2020, when it was $8.25 per gallon, or approximately 2.06 Belize Dollars per litre.

The differences in diesel prices across countries are primarily due to variations in taxes and subsidies. While all countries have access to the same international market prices for petroleum, they impose different taxes, resulting in different retail prices. Richer countries tend to have higher fuel prices, while developing countries and oil-producing countries typically have lower prices.

The supply and demand of gasoline also significantly influence global crude oil prices. In 2015, for example, a surplus of diesel due to supply and demand issues led to lower diesel prices compared to petrol in the United Kingdom. Regional prices are also impacted by market competition, with bigger cities often having cheaper fuel prices than more isolated areas.

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