Fuel prices at the Guyana Oil Company Limited (Guyoil) were reduced yesterday afternoon.

Gasoline is now being sold for $171 per litre, diesel at $174 per litre and kerosene at $137 per litre.

Previously, gasoline was being sold for $195.5, diesel at $218 and kerosene at $197.50 per litre.

The reduction in prices is as a result of an announcement made by Finance Minister, Dr. Ashni Singh, who said on Tuesday evening that the government had granted permission for prices to be reduced immediately due to falling oil prices on the world market in recent weeks.

According to a GINA press release, the Minister said that the excise tax on gasoline was adjusted to 50% on gasoline and to 30% on diesel, in keeping with the stabilizing mechanism that has been utilized by the government.

Dr. Singh also said that the government would be maintaining its policy of no taxation on kerosene and said that the price reductions were approved with the strong expectation that the final consumers would benefit directly.
Meanwhile the Minister repeated a call made by President Bharrat Jadgeo for the operators of public transportation to reduce their fares as a result of the decrease in fuel prices.
The recent world market price reduction has seen the return of gasoline prices to below $800 per gallon and according to the Minister this has “completely reversed the reason that had been advanced for the fare increase imposed by public transportation operators.”