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Guyoil spearheads drop in kero prices

Jan 24, 2009 News

Commerce Minister Manniram Prashad yesterday said that he has been assured by the Guyana Oil Company (Guyoil) that there will be an adequate supply of kerosene.
He believes that once Guyoil maintains an adequate supply, the other gas stations will be forced to lower their prices proportionately.
According to Minister Prashad, the price of kerosene was just over $700 a gallon a few months ago, and Guyoil has dropped the price to under $500.
He added that because the price has come down significantly at Guyoil gas stations, consumers are flocking to where the commodity is cheaper.
The problem, the Minister pointed out, is that the supply at Guyoil would sometimes run out and people are then forced to buy at the high prices at the other gas stations.
Minister Prashad stated that there should be an adequate supply of kerosene now, and it will remain at the reduced price.
He said that there were complains of inadequate supply in Essequibo, but that has since been addressed.
According to the Minister, because of the adequate supply of kero at Guyoil, the other gas stations will be forced to bring the price down as a result of competition, just like they did in relation to the gasoline and diesel prices.
“It’s a case of supply and demand and market conditions. As long as Guyoil brings in an adequate amount of kerosene, the price will remain at the reduced price, and the other gas stations will be forced to bring the prices down.”
However, Minister Prashad said that he will be meeting with the gas station owners to discuss this issue early next week.
Earlier this month, there was a shortage of kerosene;
numerous service stations about Georgetown had reported that they were awaiting a new shipment of kerosene.

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