SOL Guyana Inc. (Sol) says the cost of imported fuel is escalating to record levels due to rising global oil prices, and it is monitoring the impact of rising global oil prices on the cost of imported fuel into Guyana, given the current global events.

SOL is the Shell licensee and authorised distributor of Shell fuels through its network of Shell-branded service stations in Guyana.

According to SOL, in a press release on Tuesday, since the end of January, in less than a six-week period, the cost of a barrel of oil has increased 44 per cent.

The price of imported fuel into Guyana, the company stated, is not insulated from the current world developments.

“While SOL has no control over these worldwide dynamics, and has delayed the transfer of the price increase, it is expected that the pump price for gasoline and diesel will be affected, shortly, until world prices for fuel stabilise,” SOL Guyana noted.

Notwithstanding the reduction in excise tax to 10 per cent by the Minister of Finance in January 2022, the fuel giant stated that to make pump prices for gasoline and diesel products more affordable to customers, the ongoing war, supply dynamics, and shortages are surpassing its effect and pushing the price of oil towards record levels.

Earl Carribon, General Manager of SOL Guyana indicated, “SOL is committed to our customers, and we will continue to monitor these unfortunate global developments. We recognise that these are adversely impacting the cost of providing fuel to our valued customers, as well as the important role that fuel plays in our communities and businesses in Guyana. We are hopeful for the normalisation of fuel costs in the shortest possible time.”