GuyOil drops gas price by $2 but kero, gasoil go up

Oct 19, 2016 News

State-owned Guyana Oil Company (GuyOil) has announced a drop in gas price by $2, but prices for gasoil and kerosene will rise.

According to GuyOil yesterday in a statement, the adjustments are related to rising fuel prices and acquisition costs from its buyer.

“The upward adjustment in Kerosene and Gasoil prices by $5 per litre, respectively, are directly related to increased acquisition cost from source, which is consistent with the current trend of upward movement of fuel prices on the world market. GuyOil had been absorbing these fluctuations but recent movements have made these adjustments necessary,” the company said in a statement yesterday.

“Conversely, Guyoil is happy to announce a reduction in the price for Gasoline by $2 per litre which will not only have a positive impact on individuals who use their vehicles to go to work and conduct business, but also on the transportation sector. It ably demonstrates Guyoil’s commitment to act in the interest of all Guyanese and the nation as a whole,” says Marketing Manager, Eric Whaul.

In the city, gasoline will retail for $178 per litre from $180; while gasoil will move to $160 from $150 per litre.

Kerosene will also be hiked from $105 per litre to $110.

The last time that gas price was hiked was back in June. It went up $10.

World prices fell to below US$40 per barrel a year ago, but have been inching upwards since.

Below is a table of the price adjustments.

Georgetown: