As global oil prices rise: GuyOil maintains lower fuel rates compared to local private stations

Even as oil prices on the world market continue to surge amid geopolitical tensions, the state-owned Guyana Oil Company Limited (GuyOil) continues to maintain modest rates compared to local privately owned service stations.
Using prices from GuyOil as the base, a comparison shows that fuel sold by other major companies in Guyana is notably higher.
GuyOil’s Super 95 gasoline is currently priced at $170 per litre, while the same fuel at Rubis Guyana, branded Ultra Tec, is priced at $189 per litre. At Mobil, gasoline is being sold at $1.91. Diesel at GuyOil is being sold at between $168 and $190 per litre. At Rubis, diesel is being sold at $189 per litre and at Mobil, $194 per litre.
These comparisons show that motorists purchasing fuel from Rubis and Mobil are paying between 11 and 12 per cent more per litre when compared with the price offered by the state-owned GuyOil.

In a statement on Wednesday, GuyOil had confirmed that its fuel prices have not increased, reminding that it is guided by a strict regulatory and compliance framework that ensures transparent pricing while safeguarding consumers from undue market volatility.
Since March 2022, the Guyanese Government has been actively subsidising fuel imports to block global price surges from being passed on to consumers.
The Government completely removed the excise tax on fuel, resulting in consumers in Guyana paying significantly less at the pumps.
Oil prices continue to soar on the world market in light of the escalation of violence in the Middle East.
Since the war began, traffic through the Strait of Hormuz – a narrow waterway through which oil from the Middle East, about a fifth of the world’s supply, has halted. Iran has threatened to bomb oil tankers passing through the major shipping route for oil produced by Gulf States, and according to international reports, the country has been laying mines in the Strait to target oil tankers.
Crude oil prices have recently surged, with Brent crude reaching over $90-$100 per barrel.

Further, GuyOil urges the public to rely on official statements issued by GuyOil and other competent authorities for accurate information regarding fuel pricing and supply.
“Misinformation circulated through unofficial sources can undermine public confidence and distort the facts surrounding issues of national importance.”
Prior to the war in Iran, Brent was priced at around US$73 per barrel. By Monday, it went up to US$120 before dropping into the 80s on Tuesday but then soaring to over US$90 on Wednesday, and on Thursday Brent crude rose to about 9 per cent in volatile trading, reaching US$101.4 a barrel.
In order to curb the disruptions to oil flow in the Middle East, the International Energy Agency (IEA) on Wednesday released some 400 million barrels of crude from its members’ strategic reserves to stabilise global supply and prices.
Meanwhile, this surge in oil prices since the war began has been feeding through to pump prices in the US and the United Kingdom (UK).
The BBC reported that in the US, average petrol prices have risen above US$3.50 per gallon from about US$2.92 a month ago, while diesel had risen from US$3.66 to US$4.78 over the same period, according to the American Automobile Association.
In the UK, it was reported that average petrol prices have hit £1.3895 a litre, while diesel has hit £1.5512, having risen by £0.0612 and £0.1274, respectively, since the end of last month, according to the motoring firm Royal Automobile Club.