THE Guyana Oil Company (GuyOil) service station, on bustling Regent Street in Georgetown, was commissioned yesterday, just weeks after the Company commissioned a major aviation fuel-handling facility at Timehri.And Finance Minister, Dr. Ashni Singh, underscored the fact that the $250M project, which facilitated the doubling of the location’s capacity, is further evidence that public sector companies can be competitive and stand as a market leader.

MARKET LEADER
In delivering the feature address at yesterday’s event, Dr. Singh explained that with the reduced fuel prices announced last week, GuyOil’s influence as a market leader was evident.
The falling world prices for fuel propelled the reduction of local fuel prices. As a result, the price of gasoline was reduced from $995per gallon to $695, representing a 30 per cent reduction; diesel was reduced by 30 per cent, from $985 to $694; and kerosene saw a reduction of 42 per cent, from $850 to $496.
CONTRIBUTION TO DEVELOPMENT
According to the Finance Minister, the company’s investment has also contributed to Guyana’s development, which is a work in progress, both technologically and in terms of infrastructure.
He called attention to the fact that the down-town Georgetown landscape now highlights the advances towards a more modern Guyana.
As such, Dr. Singh commended the company for its investment and improvements in its service delivery.
The Finance Minister also commented on the political challenges faced by the current Administration, and was emphatic that regardless of political persuasions, the common thread in political agendas must be national interest.
“We have an obligation (as politicians) to always act in the national interest,” he said.
To this end, he reiterated the People’s Progressive Party/ Civic’s (PPP/C) commitment to supporting the company and, by extension, its commitment to creating more jobs and generating additional opportunities for Guyanese to earn an income.
Dr. Singh bemoaned dispositions of political parties that lend itself to “unpatriotic acts” of scaring away investors and contributing to the creation of an environment that is not conducive to investment.
Stakeholders in the political arena, he stressed, must act in the interest of the Guyanese people.

Meanwhile, GuyOil’s Managing Director, Badrie Persaud, acknowledged the company’s role as a market leader, not only in what is offered by the company, but also in terms of trends in market prices.
He explained that the company’s expansion and improvement initiatives stem from a plan developed five years ago.
To date, Persaud said, GuyOil has managed to expand its reach, from Region 6 (East Berbice/ Corentyne) to several other locations.
According to him, with the achievement of expansion ‘under its belt’ there has been focus on improving services already being made available.
On that note, he assured that improvements at the Kitty Service Station and Providence Service Station will be completed soon.
FULLY COMPLIANT
Also making remarks, one of GuyOil’s directors, Oscar Phillips, stated that the company will continue to strive to provide new opportunities and improve its service delivery, while maintaining its compliance with regulations, including tax obligations.
“All of our projects are executed with full transparency…at all levels we are committed to good governance and meeting all regulatory requirements in a timely manner,” he said.
The Director added that GuyOil’s investments are also prudent, and allow “reasonable” dividends to be handed down to its shareholders.
Phillips stated that GuyOil is on the move, and will not accept the status quo, but will ensure that it does not remain stagnant.
“GuyOil is always striving to exceed expectations,” he declared.
GuyOil has been in operation for 38 years, and has moved its distribution of fuel all across Guyana, while boasting a staff complement of hundreds.