Gas at $555 per gallon

The price of fuel at Guyoil has once again been lowered.

Minister of Finance, Dr. Ashni Singh made the announcement yesterday.
As of today, gasoline is to be retailed at $555 per gallon, diesel at $696 per gallon and kerosene at $477 per gallon at the Guyana Oil Company, the minister told the Government Information Agency (GINA). In a press release, the Agency said that the Minister pointed out that the new prices, when compared to prices prior to an earlier reduction in October; represent a 43% decline in gasoline prices, a 30% drop in diesel prices and a 47% fall in kerosene prices.

The Minister said that along with the changes in prices, gasoline would continue to be taxed at 50%, diesel would be taxed at a concessional rate of 40% compared to the standard rate of 50% and kerosene would continue to attract no taxation.

Dr. Singh asserted that the Government’s decision to implement the reductions was informed by a strong desire that consumers should benefit and commended producers of goods and services, who have been passing on price decreases in areas such as fuel, wheat flour, public transportation and other products recently.  He, however, expressed disappointment that there appears to be a small number of businesses that has been slower to pass on the price reductions to their customers.

Meantime, the release said that the Finance Minister stated that the government’s stabilizing arrangement whereby fuel taxes are adjusted downward when prices are rising and upward when prices are falling has served as a very effective mechanism in insulating the Guyanese economy from the wild swings that have been observed in fuel prices on the world market over the past year.

He indicated that this mechanism would continue to be used as appropriate, GINA said.