THE Guyana Oil Company (GuyOil) has announced that the price for gasoline will be reduced, but the prices for kerosene and gasoil have been increased by $5.00 per litre.The price adjustments took effect on Wednesday, seeing gasoline reduced by $2.00 per litre, which will not only have a positive impact on individuals who use their vehicles to go to work and conduct business, but also on the transportation sector.
According to a statement from the oil company, the upward adjustment in kerosene and gasoil prices are directly related to increased acquisition costs from the source, which is consistent with the current trend of upward movement of fuel prices on the world market.
“Guyoil had been absorbing these fluctuations, but recent movements have made these adjustments necessary,” the statement noted.
The company further noted that “As a Guyanese company which is owned and managed by Guyanese and who is a major contributor to the national coffers, Guyoil continues to contribute in a positive way to the overall development of Guyana and remains steadfast in its commitment, as stated in its motto ‘Excellence in Service’.”
Meanwhile, a report from the Wall Street Journal on October 19 indicated that, “U.S. oil prices shot up to a one-year high on another week of draining stockpiles further convinced traders that the longstanding glut may be waning.”
The report further added that the U.S. crude storage levels have now fallen for six of the past seven weeks, the U.S. And Energy Information Administration said on Wednesday. Storage tanks had been filled to record highs world-wide, but the U.S. is just one spot where stockpiles have fallen from those highs, a sign for bullish traders that daily supply shortages are starting to eat into that glut.