PRICES for petroleum products at the pumps increased on Thursday due to significant increase in acquisition cost at source, the Guyana Oil Company Limited (Guyoil) said.

“While speculations have been pointing to upward movements on the world market for petroleum products in 2017, the recent hurricane activities in the southern hemisphere have exacerbated the situation, forcing a spike in market prices. Guyoil had maintained stable fuel prices since January 1, 2017 despite fluctuations, but unfortunately the present adjustment have become necessary,” the company explained in a release.

Gasoline prices have moved upwards by $14.00, Kerosene by $10.00, ULSD Gasoil by $15.00 and Gasoil (LSD) by $6.00.

“Guyoil is proud to be the leading petroleum company in Guyana and is committed to continue to provide the Guyanese public with full supply of quality petroleum products at reasonable prices.

“We remain committed to our motto of ‘Excellence in Service’,” the release concluded.