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represented about 57% of the retail price. This record clearly shows how much the cost of imported gasoline influences the price at the pump. Table 2 Example of taxes and final gasoline retail prices (B$) per gallon in Belize in 2005 and 2008 Super (US$) Regular (US$) Super (US$) 5-Jan-05 Cost of Fuel N.A. 1.560 Import Duty N.A. 0.205 RRD N.A. 0.275 Environ Tax N.A. - Freight N.A. 0.035 Additive N.A. - GST N.A. 2.090 Total Taxes Cost N.A. 2.605 US$ at Pump N.A. 4.165 7-Apr-08 Cost of Fuel Import Duty RRD Environ Tax Freight Additive GST Total Taxes Cost US$ at Pump Regular (US$) 3.083 2.820 0.225 0.225 0.720 0.497 0.119 0.109 0.035 0.035 0.001 0.001 0.4075 0.4035 1.5075 1.280 4.60 4.10 International crude oil prices declined from September 2008 to February 2011. In November 2008, the Ministry of Finance mandated a reduction in gasoline prices at the pump, bringing the costs down to US$3.53 per gallon for regular fuel, US$3.71 per gallon for premium fuel, and US$3.48 per gallon for diesel fuel. As the costs of transport fuels declined by approximately 30%, other public sector resources felt the brunt of government-subsidized gasoline prices. In early 2011, crude oil prices began a steady rise, breaking the 100-dollar mark in March.6 By February 2011, the price of gasoline at the pump had reached US$4.76 per gallon for premium fuel. Diesel and kerosene were being sold at US$4.98 and US$4.43 respectively. It is anticipated that, by the end of the second quarter of 2011, consumers will pay more than five dollars per gallon. Crude oil prices have become increasingly volatile, with peaks and lows ranging from US$148 to US$30 per barrel over the last five years. However, prices are expected to increase dramatically over the next few years (see Figure 10). Oil prices can be affected by geo-political events, climate change, the global economy, and demand projections due to emerging population growth. The latest price development is in contrast to what several renowned energy experts have predicted or projected a year ago. The volatility is very significant, and makes long-term projections difficult to almost impossible. Therefore one has to consider the independence from imported fossil fuels as a main motivation for the development of indigenous renewable power and fuels. 6 On March 25, 2011, crude oil was being traded at US$103.36 per barrel in international markets. As of the writing of this report, the price is expected to reach the 120-dollar mark in the course of 2011. 15PDF Image | ENERGY POLICY ASSESMENT OF THE ENERGY SECTOR IN BELIZE
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