One day after reports surfaced in the international press of crude oil dropping by two per cent over concerns of a brewing trade war following imposed steel and aluminium tariffs by American President Donald Trump, the Guyana Oil Company Limited (Guyoil), announced decreases for its products on Thursday.
With effect from today, motor vehicle operators and other uses will pay less at the pump for gasoline, gasoil (diesel) and kerosene. In a release from the country’s leading petroleum company, it was related that reductions were possible due to “declining acquisition cost”.
Users of fuel will pay less at the pump
Gasoline was reduced by $2 per litre while gasoil and kerosene saw reductions of $10 and $4 respectively. This means operators buying fuel in Georgetown will pay $202 per litre as opposed to $204 which they were paying when the prices where increased in February. Gasoil users will pay $195 and $133 for kerosene. Berbice users will pay $203 per litre of gasoline while users in Essequibo will now pay $204.
“Guyoil is always cognisant of its role in the Guyana economy, ensuring that quality petroleum products are provided at excellent prices,” Marketing Manager Eric Whaul observed.
These decreases have seen a reversal of the trend of increases in fuel prices. Apart from an increase in February this year, in September 2017, world market prices for fuel had been also increased due to the hurricane conditions in the southern hemisphere, which resulted in Guyoil adjusting the prices in gasoline, diesel and kerosene to a higher cost.
