Minibus, taxi operators should reduce fares – GOGEC

Fuel prices reduction

Guyana Oil and Gas Energy Chambers (GOGEC) President Manniram Prashad is calling on transport operators to reduce their fares following the announcement by the Guyana Oil Company (GuyOil) of the reduction in fuel prices.

Prashad made this appeal on Wednesday during an interview with Guyana Times, stating that GOGEC welcomed the recent reduction in fuel prices announced by Government.
According to him, he is hopeful that the reduction in fuel prices will be passed on to the consumers in the form of lower costs for transportation and other goods and services.
While Prashad noted that he was cognisant of the fact that there were restrictions on the number of passengers which motor vehicles are licensed to carry in light of the COVID-19 restrictions, he was calling on Government and other relevant stakeholders to engage minibus, hire car, and other transport operators with regard to reducing fares for transport so that consumers could benefit.
He explained that when considering reducing fuel prices, the acquisition cost was very important, adding that from what he understood, the acquisition price for fuel has not been lowered, but Government still went ahead and reduced the prices given the challenges brought about by the COVID-19 pandemic.
The measures in place to ensure social distancing in transportation have resulted in some operators hiking fares in order to cover the costs of carrying fewer passengers.
With regard to domestic travel, the Emergency Gazetted Order states that “Any person who provides transport within Guyana, whether by land, water, or air shall not carry in that transport more than seventy-five per cent the number of passengers which the motor vehicle, vessel or aircraft is licensed to carry…”

GuyOil recently slashed fuel prices in order to bring economic relief to customers, especially in light of COVID-19. Effective today, the prices of mogas (Super 95), gasoil, ultra-low sulphur diesel and kerosene will be reduced at all of its service stations countrywide.
The State-owned company said this decision was taken even as acquisition prices remained the same. The reductions will see Super 95 gasoline retailing for $155 per litre than the previous $165. Kerosene has also been reduced from $100 per litre to $90 per litre. Meanwhile, customers will be paying $145 per litre for gasoil, compared to the previous $165. For ultra-low sulphur diesel, the price has been significantly dropped from $218 to $175 per litre.
In a press statement, GuyOil said, “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.”