The Government has significantly slashed gasoline and diesel prices at the Guyana Oil Company Limited (GUYOIL). This price reduction will be effective from Sunday October 2.
Gasoline prices have been reduced by 20% from $269 per litre to $215 per litre. Diesel prices have been cut 15% from $265 per litre to $225 per litre.
Russia’s invasion of Ukraine led to an increased cost of living globally, with large surges in fuel prices among other commodities. Global oil prices surged more than 50%. Given the interconnected nature of the global economy, this led to a higher cost of landing fuel in Guyana.
In order to mitigate the impact of rising global fuel prices on domestic consumers and the productive sectors to which fuel is a key input, the Government lowered the Excise Tax rate on both gasoline and diesel from 10 percent to 0 percent in March of this year.
This reduction in fuel prices comes just a few days after the International Monetary Fund recommended Guyana’s Gov’t gradually reverse tax reductions and allow Guyanese to pay the real prices for goods and services.