The Guyana Power and Light (GPL) says that the steady rise in fuel prices is negatively affecting its operations and if the trend continues then generating costs are expected to trump revenue earnings.
In a statement on Monday, the power company said that the effects of the Russian invasion of Ukraine are behind the rise in fuel costs.
“As we witness these developments from a safe distance, the effects have already reached our shores and by extension, the Company. GPL’s landed cost for fuel today is approximately US$140 per barrel and has quadrupled from 2016 when the fuel price was approximately US$30 per barrel. Inter-national indicators point to further price increases. GPL currently utilizes approximately 3,700 barrels of fuel daily for electricity generation to meet the daily demand, at the cost of approximately $111.5 million,” GPL said.
