Latest update November 5th, 2024 1:00 AM
Private gas station drops prices lower than GuyOil
– hopes to force prices further downward
The gas station which is selling gasoline at an even more reduced price.
Private gas station owner, Christopher Satyanand, in an effort to lower the bar on the gasoline price in Guyana, has lowered the price at which his service station, Chicoramas Service Centre in Non Pareil, sells gasoline to $772 per gallon, some $5 less than the GuyOil gas stations.
“Even though the GuyOil stations lowered their prices,” said Satyanand, “I think it can still be lowered more.” He went on to say that by lowering the price at his Service Centre, he hoped that the other gas stations would follow suit and lower theirs.
Even though the reduction is minor, Satyanand said that minibus and taxi drivers who buy gasoline from him are feeling the benefits. “Five dollars a gallon may seem little, but it adds up, and in the end people are saving some money,” he said.
He noted that he purchases his gasoline directly from GuyOil, and since the price of gasoline has dropped, he can afford to lower the price at his Service Centre. He explained that gas station owners who purchase gasoline from GuyOil make approximately $6 per litre. Satyanand said that with his new reductions, he currently makes $5 per litre.
Since he has managed to lower his price without suffering a loss, he explained that the Government-owned gas stations and the other privately-owned gas stations should also be able to lower their prices.
The Chicoramas Service Centre has a capacity of some 16,000 litres of gasoline which would take him approximately one week to sell. With his current reductions on gasoline, he has already sold some 2300 litres of gasoline in only one day.
“I have cut my profit margin so that we can meet the pocket of the man on the streets,” said Satyanand.
The GuyOil gas stations recently dropped the price of gasoline to $777, following the plummeting gasoline and oil prices on the international market.
Minister of Finance, Dr Ashni Singh, had announced that the prices of fuel, being sold by the GuyOil gas station, would be reduced in light of falling oil prices on the world market. The Minister said that the drop in gasoline would represent a 20.7 percent reduction.
Minister Singh explained that the government’s decision to implement the reductions stemmed from the considerable decline observed in oil prices on the world market.
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