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no-photoTonight there is good news for the entire Belizean public. Venezuelan ambassador to Belize, Yoel Del Valle Perez Marcano, has confirmed that the price of fuel that his country sells to Belize will not see an increase despite the inflation in his country.

According to Ambassador Marcano, the price of fuel in Venezuela has nothing to do with international prices. The contract with the 18 member countries of Petro Caribe remains intact.

The announcement comes at the heels of a 30 percent increase for minimum wage in Venezuela, which Venezuelan President, Nicholas Maduro, deemed necessary to help address the country’s inflation rate, which literally skyrocketed over the past year to 56 percent, the highest in the world. It also comes after reports that fuel prices in Venezuela could go up to ease the economic strains in that country.

Ambassador Marcano assured that “as long as the Government of Venezuela exists and there exists the need to promote the development of Venezuela’s brother countries in the Caribbean and Central America, the Petro Caribe agreement will continue as is and it shall fulfill its historic mission of offering energy for integration and development.

Critics of the Maduro government project that this promise could see a sharp reversal if the opponents of the current Venezuelan government somehow get their way and succeed in overthrowing the government – something that has been tried on a number of occasions but to no success. Of note is that the country’s infrastructural projects basically depend solely on the Petro Cribe Funds. Figures show that between September 2012 and March 2014, 1.4 million barrels valued at 180 million US Dollars have been received from Venezuela.


As is, G.O.B. only pays for 40% of the products it receives from Venezuela; the remaining 60% goes into GOB’s account at the Central Bank and form part of the consolidated revenue fund which is used for infrastructural projects.

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