Sol says the cost of a barrel of oil has risen by 44% in six weeks and it warned that gasoline and diesel prices will rise here shortly.
The company, the Shell licensee and authorized distributor of Shell fuels through its network of Shell-branded service stations in Guyana, said in a press release yesterday that it is monitoring the impact of rising global oil prices on the cost of imported fuel into Guyana given the current global events.
“Since the end of January, in less than a 6-week period the cost of the barrel of oil has increased 44%. The price of imported fuel into Guyana is not insulated from the current world developments.
While Sol has no control over these world-wide dynamics and has delayed the transfer of the price increase, it is expected that the pump price for gasoline and diesel will be affected shortly, until world prices for fuel stabilize”, it said.
Notwithstanding the cut in the excise tax to 10% by the Minister of Finance in January 2022 which was meant to make pump prices for gasoline and diesel products more affordable to customers, Sol said that the ongoing war in Ukraine, supply dynamics and shortages are surpassing its effect and pushing the price of oil toward record levels.
Earl Carribon, General Manager of Sol Guyana said, “Sol is committed to our customers, and we will continue to monitor these unfortunate global developments. We recognize that these are adversely impacting the cost of providing fuel to our valued customers as well as the important role that fuel plays in our communities and businesses in Guyana. We are hopeful for the normalization of fuel costs in the shortest possible time”.
