Latest update April 7th, 2026 12:30 AM
Guyoil increases gas price by 12%
(Kaieteur News) – Two weeks after the Guyana Oil Company (GUYOIL) assured consumers of its “strict regulatory and compliance framework” to safeguard consumers from “undue market volatility”, the state-owned entity has slapped on extra costs on all of its fuel products with no official notice to consumers.
Since last Thursday consumers told this publication that prices at the pumps soared pass $200 per litre of gasoline, which continued to fluctuate. Over the weekend, GUYOIL’s website advertised gasoline at $190 per litre; $198 per litre of diesel, $155 for kerosene and $215 per litre of its Ultra Low Sulphur Diesel (ULSD).
Retail prices shown on GUYOIL’s website
While other service stations increased their fuel prices two weeks ago, GUYOIL maintained its prices, selling gasoline for $170, diesel for $190 and kerosene at $155 per litre.
At the time, GUYOIL in a statement said it is “guided by a strict regulatory and compliance framework that ensures transparent pricing while safeguarding consumers from undue market volatility.” As such, the company noted that it will continue to work closely with the relevant regulatory authorities to ensure that fuel supply and pricing across its network of service stations remain “stable, fair, and consistent with national policy.”
Additionally, the Guyana Chronicle reported on March 14, 2026 that senior minister in the office of the President with responsibility for Finance, Dr. Ashni Singh reiterated government’s support to ensuring stable pump prices amid escalating oil prices. The state agency reported that “stability has been a deliberate effort by the government to protect citizens from rising global costs.”
Last week, President Irfaan Ali during an address at the 136th Annual General Meeting of the Georgetown Chamber of Commerce and Industry (GCCI) highlighted financial challenges being experienced by GUYOIL as a result of the ongoing Middle East conflict.
He explained that the oil company at the time was operating at a deficit and will need to at least break even to help stabilise the market.
The head of state did not respond to questions by this newspaper sent last week on whether government would increase the price of fuel.
The price of petroleum products has climbed due to the war in Iran. On February 28, the state media in Iran confirmed that Supreme Leader Ayatollah Ali Khamenei was killed at his office in the Israeli-U.S. attacks on Iran.
Al Jazeera reported that Iran’s counterattacks triggered air-defence interceptions in several countries where airbases with U.S. assets are hosted, including Kuwait, Qatar, the United Arab Emirates and Bahrain.
Meanwhile, the Guardian reported on Friday that more than 1,000 cargo ships, mainly oil and gas tankers, have been blocked from transiting the strait of Hormuz by the Israeli-U.S. war against Iran after Tehran closed the key maritime passage.
The shortage of fuel supply is likely to continue, thereby affecting global prices as several oil and gas facilities have been bombed which can take years to be rebuilt.
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