The Guyana Oil Company Limited (Guyoil) has adjusted upwards its prices for kerosene and gasoil, a move it says is directly related to increased acquisition costs charged by suppliers and is consistent with the current trend of upward movement of fuel prices on the world market.
The State-owned oil company made the announcement on Tuesday which points to increases to be paid for kerosene and gas oil by $5 per litre each.
Guyoil, in making its announcement, said it has been absorbing the fluctuations of oil prices on the world market, but recent movements “have made these adjustments necessary”.
The announcement was made by Guyoil Marketing Manager Eric Whaul, who said, “Conversely, Guyoil is happy to announce a reduction in the price for gasoline by $2 per litre.”
The move is anticipated to 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 Whaul, “it ably demonstrates Guyoil’s commitment to act in the interest of all Guyanese and the nation as a whole.” Whaul said too that as a Guyanese company which is owned and managed by Guyanese and 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”.
The company is wholly owned by the Government of Guyana through the National Industrial and Commercial Investment Limited (NICIL), and governed by a Board of Directors.