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Guyoil drops gas prices

Motorists now have something to “rev their engines” about, some ease at the pump. The Guyana Oil Company (Guyoil), began lowering the price for gasoline on Tuesday. Gas prices now stand at $777 per gallon, a 20% reduction from the $980 price motorists were paying up until Monday.


The Finance ministry last evening announced the reduction at the Guyana oil company, linking the decision to falling prices for oil on the world market.


The administration also intends to adjust the taxes on fuel in a bid to ensure the price remains stabled. According to the government information agency, the finance minister Dr. Ashni Singh expects that in light of the reduction, final consumers would benefit.


The government now wants to see mini bus operators and taxi drivers step on the brakes with the rising fares and lower those fares since they’ll now be paying less at the pumps. That’s a move that may not take off just yet, some public transportation operators were hoping for a much lower price, somewhere in the $600 range.


Drivers have been waiting for an ease with the pressure at the pump for weeks, just after world prices for crude oil began tumbling. Oil company officials had explained to this newscast that it would have taken a few weeks for the effect to trickle down to Guyana since they were still faced with government taxes and old oil shipments that did not attract the lower prices.


Crude Oil has been falling steadily on the world market over the past 2 months, moving from over US$100 per barrel to under $70.


The government also announced price reductions for Kerosene and Diesel at the Guyoil stations.

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