Fuel prices will be increased today at Guyana Oil Company Ltd (Guyoil) pumps countrywide, which the company says is due to the acquisition costs going up.
“The world market price for oil has demonstrated positive indications that there is an upward trend in the acquisition cost for fuel, which from all indications may continue its upward path. The Caribbean has not been insulated from this movement which was demonstrated recently by movement in acquisition cost from our suppliers in Trinidad,” the company said in a press release announcing the hikes for gasoline, diesel and kerosene, which are effective from today.
Based on the new price structure, Georgetown has the lowest prices while Essequibo has the highest.
On January 29, Finance Minister Winston Jordan had announced that prices would be slashed at Guyoil’s pumps. With effect from February 1, 2016, gasoline was reduced from $190 per litre to $170, while dieseline was reduced from $161 to $150, and kerosene from $120 to $90.
According to Guyoil, it has always sought to make petroleum products available to the Guyanese population at prices better than the competition and cited its delay in reviewing prices as evidence.
It said it will continue to inform the public of its actions regarding price movement “as the situation dictates.”