THE Ministry of Tourism, Industry and Commerce has applauded the Government’s move to reduce gasoline and diesel prices by some 30%.Chief Executive Officer of the Small Business Bureau, Derrick Cummings, noted that with the recent reduction in the fuel prices, the ministry is calling on all service providers and producers of consumer goods to apply conscionable measures by passing on the benefits of the reduction to consumers in an effort to ease the cost of living of Guyanese and other residents.

“We are asking that the associations that represent the manufacturers of goods and services take the initiative to ensure their members and other stakeholders promptly act accordingly,” Cummings said.
He explained further that the ministry over time has been engaging certain associations and representative bodies in response to their support actions for relief when revenue streams have been negatively affected.
Similarly, he noted that the ministry looks forward to initiatives by those businesses which will benefit significantly by the reduction in fuel, to promptly commence a downward adjustment for payment by consumers for goods produced and services delivered.
Specifically, the ministry is asking that the following categories of businesses and their representatives take note and act accordingly. He said that some of these businesses are: Aircraft Owners Association, Guyana Manufacturers and Services Association; Mini Bus Operators, Speed Boat Association, Taxi Service Association, and Guyana Agro Processors Association, among others.
“We hope that such measures will be initiated even before the ministry commences discussions aimed at arriving at a formal position among parties,” Cummings said.
The Government on Monday announced a 30% reduction in the price of gasoline and diesel and a 42% percent drop in the price of kerosene at all GUYOIL outlets with effect from the same night. At a media briefing, Finance Minister, Dr. Ashni Singh disclosed that the price of gasoline has been reduced from $995 per gallon to $695 per gallon; the price of diesel reduced from $985 per gallon to $694 per gallon and kerosene from $850 per gallon to $496 per gallon.
The new prices mean that prices have dropped to where they were in 2009.