The Guyana Oil Company Limited (GuyOil) on Tuesday announced that is has slashed the prices of fuel, in order to bring economic relief to customers, especially in light of COVID-19.
Effective as of October 1, the prices of mogas (Super 95), gasoil, ultra-low sulfur diesel and kerosene will be reduced across all of its service stations in the country. The State-owned company said this decision was taken even as acquisition prices remain the same.
Price reduction shows Super 95 gasoline retailing for $155 per litre from the previous $165. Kerosene has also reduced from $100 per litre to $90 per litre. Meanwhile, customers will be paying $145 per litre for gasoil, compared to $165. For ULSD, prices have significantly dropped from $218 to $175 per litre.
“Aa a national entity, GuyOil is always committed to its strategic objective of being the price stabiliser for the nation. Though the company saw no reduction in acquisition cost, GuyOil is aware of the economic challenges being faced by customers and businesses as the nation continues to battle COVID-19,” the press release from the company insisted.
GuyOil said it hopes these cutbacks can bring relief to its customers as they continue to provide services at competitive prices.
Earlier this month, Paul Cheong, an accountant, was appointed Chairman of the Board of Directors of GuyOil. Other Board members include Shameer Hussain, Abina Moore, Vishnu Bandhu, Akanni Blair, and Dru Bahadur. Cheong’s appointment took effect on August 27, 2020, and will last for a period of one year, ending on August 26, 2021. These appointments were made just after concerns were raised over what appeared to be political appointees at GuyOil under the previous David Granger Administration.
In fact, it is understood that from a list of current staff at GuyOil, the new Government was able to decipher the appointment of 12 political appointees for whom opportunities were created back in 2017. According to sources, the salaries of these appointees do not commensurate with the work they do or industry averages.
