GUYANA-ENERGY-Government slashes gasoline and diesel prices

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The Government has slashed the cost of gasoline and diesel from the Guyana Oil Company Limited (GUYOIL) to bring further relief to consumers across the country. 

In a statement on Saturday, the Finance Ministry said that the price of gasoline would be reduced by 20 percent, and the cost of diesel would be slashed by 15 percent. 

These changes are expected to start taking effect as early as Sunday.

According to the Finance Ministry, during the first half of 2022, global oil prices surged more than 50 percent, increasing from US$77 per barrel at the end of December 2021 to US$120 in June of this year; having risen as high as US$137 per barrel primarily as a result of the Russian invasion of Ukraine. 

“The impact of the dramatic increases in oil prices were significant and given the interconnected nature of the global economy, translated into higher cost of landing fuel in Guyana.”

The statement added that to mitigate the impact of rising global fuel prices on domestic consumers and the productive sectors to which fuel is an essential input, the Government lowered the Excise Tax rate on gasoline and diesel from 10 percent to 0 percent in March of this year. 

“Since resuming office in August 2020, the PPP/C Government has implemented a suite of measures to ease the cost of living pressures and to improve disposable incomes in an ongoing effort to address these issues head-on and to mitigate the effects of rising prices globally on all Guyanese citizens.”

The ministry noted that reducing excise taxes is one such measure within the comprehensive menu of measures implemented by the Government since assuming office.

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