BEGINNING today, Guyanese will experience significant reductions in the price for Motor Gasolene and Gasoil (LSD) following a decline in fuel-acquisition costs.

This was announced by the Ministry of Finance and the Guyana Oil (GuyOil) Company on Sunday.

The change will see Super 95 Gasolene being wholesaled at $208.00 per litre and Gasoil (LSD) at $207.00 per litre, which represent a 27.44 per cent and15.85 per cent reduction.
Meanwhile, retail customers will pay $218.00 per litre for Super 95 Gasolene or a 30.77 reduction and $217.00 per litre for Gasoil (LSD) or a 19.72 reduction.

“It will be recalled that the government had approached CARICOM for suspension of the Common External Tariff (CET) following the closure of Petrotrin – Guyana’s main fuel supplier. CARICOM’s subsequent approval also has led to a reduction in acquisition costs. The government through The Guyana Oil Company is therefore proud to cause these reductions to the benefit of all consumers,” the ministry said.

In September 2017, world market prices for fuel increased, due in part to the hurricane conditions in the southern hemisphere which resulted in GuyOil adjusting the prices for gasolene, diesel and kerosene to a higher cost.

Again, in February 2018, the company adjusted its prices upwards.
The news should come as a consolation for many farmers, the private sector and other citizens, who had called for a price reduction.