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Belize Energy Sector Diagnostic PUC 27 Belize, through the Ministry of Finance, regulates retail service station prices71, which are devised to include a high proportion of taxes used to buffer against the international fluctuations in the oil market. Although the wholesale and retail markets are open to multiple importers, currently only Esso has the authority and the facility to import oil for commercial consumption into the country, suggesting a monopolistic structure in the wholesale portion and an oligopolistic structure in the retail portion of the petroleum distribution chain. There are two other authorities licensed to import: BEL72 and a private wholesaler Mr. Salvador Fernandez73. These stocks are for specific purposes however and for the most part do not access the general retail market. The Wholesale Market The wholesale market is dominated by Esso Standard Oil, a company registered in the Bahamas, who sources oil from the United States. There are no pipelines or refineries in Belize so a tanker averaging 80,000 barrels of refined fuels, arrives in the country every twenty days and delivers its cargo to the only depot in the country. The amount purchased by the retailers is then transported to the retail companies and their service stations via trucks, or barges in the case of the islands. The Esso depot currently has an installed capacity of 166,000 barrels of which 40,000 is allotted to premium gasoline, 26,000 for regular gasoline, 14,000 for kerosene, 85,000 for diesel and 1,000 for aviation gas. The depot has no formal amenities for reserves but keeps a 5-7 day supply (approx 20-25k barrels) on hand. According to Esso, losses due to spillage are not an issue at the Esso depot.74 Evaporation from ship to shore was measured at 0.3% and at the terminal less than 1% for gasoline and 0.5% for diesel. Supply forecasts are completed on the basis of historical trends and a review of external and internal factors in the company’s operating environment. Esso requires its distributors to provide a forecast every three months that forms an integral part of the supply source data. Usually, however a 3% increase is used as a “rule of thumb.”75 Barriers to entry are significant, as Esso has established an entrenched infrastructure and high capital investments may be necessary for new entrants. A smaller company may find itself unable to compete with the resources and local experience of the incumbent. There is established brand recognition, if not product differentiation, and other entrants would have to compete in a situation bearing significant market (price) distortions. The Retail Market Exploiting vertical integration synergies, Esso also operates in the retail market and competes with Shell Belize Limited and Texaco Belize Ltd. for customers. These 71 however direct supply from the oil companies is freely negotiated 72 licensed for importation of diesel to run its generators 73 import license for bunker C which he sells to the Citrus Industry and BSI, personal communication, Eldo Lopez, Territorial Manager, Sales Dept. Esso. Research was unable to discover the quantities allowed under this license 74 although he was certain it became an issue for the retailers once the supply left the depot 75 Guillermo Alamina, Lead Country Manager – Esso Standard Oil – Belize, personal communication, September 3, 2003PDF Image | Energy for Sustainable Development Toward a National Energy Strategy for Belize Energy Sector Diagnostic
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