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2.2.4.1 Petroleum sub sector royalties Each contract requires the Contractor to pay a royalty, production share and income tax to the Government. A petroleum surcharge fixed to oil prices was recently introduced in 2008 and is payable according to oil prices. Each contract also requires the Contractor to assign to the Government a minimum of 10% working interest in a field if the Government opts to take it. The royalty, production share and working interest is negotiable with a minimum royalty of 7.5% for oil and 5% for natural gas. The income tax is fixed at 40% on net income. 100% of all expenditures are recoverable before payment of production share 2.2.4.2 Pricing Prices are adjusted per an agreed upon formula which takes into consideration the Platt price for petroleum products, and the exchange rate. Allowances are made for various levies and a distribution cost to get to the pump price. Prices also differ in various parts of the country. From 2005 to 2007 gasoline imports fluctuated between 12.5 and 13.0 million gallons. Gasoline import costs have steadily increased from US$ 27.2 million in 2005 to US$ 32.1 million in 2007. After July 2008, gasoline prices steadily decreased and, due to lack of data, it is difficult to estimate what the total cost of gasoline imports was for 2008. There are three major gasoline distribution chains in Belize: Esso Standard Oil (Esso), Shell Belize and Texaco Belize. As mentioned before, they import the gasoline and diesel from refineries located in the Netherlands Antilles and to a lesser extent from the United States and sell petroleum products in a regulated market, where the government regulates the retail prices of the service stations. These prices include a high proportion of taxes, used in part to buffer against the international fluctuations in the petroleum market. In January 2005, the retail price for regular gasoline was US$ 4.16 per gallon. By April 2008, the retail price rose to US$ 5.00 and US$ 4.95 per gallon for the regular and premium gasoline, respectively. In August of 2008, the retail price was US$ 5.06 and US$ 5.22 per gallon for the regular and premium, respectively. Table 2 shows how Belizean retail gasoline prices were affected by the taxes in 2005 and 2008. In the period between 2005 and 2008, a change has occurred in the regular gasoline price structure. In 2005 neither an environmental tax nor a charge on additives were included, also an increase in import duty charges from B$0.41 to B$0.45 and the import duty RRD charge from B$0.55 to B$1.45 can be noted. On the other hand the sales tax GST charge was lowered from B$4.18 to B$0.81 per gallon. These gasoline price structure changes resulted in a net decrease in overall tax costs of B$2.32 per gallon for regular gas. Even with this reduction in taxes, an increase of B$1.57 for the retail gasoline price was recorded; this was principally due to the increase of the imported international gasoline price. July 2008 was the month when the highest international petroleum price was recorded, at a level of about US$ 147 per barrel. In 2008, the cost of gasoline import 14PDF Image | ENERGY POLICY ASSESMENT OF THE ENERGY SECTOR IN BELIZE
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