October 5, 2022 | By Colin O. Jarrett |
The Guyanese government on the weekend announced that motorists will pay 20% less for gasoline and 15% less for diesel, effective Sunday.
While the government’s decision is only for fuels being sold by the state-owned Guyana Oil Company, GUYOIL, eventually other suppliers may reduce their prices.
Official figures show that during the first half of 2022, global oil prices surged more than 50%, increasing from 77 US$ per barrel at the end of December 2021 to 120 US$ in June of this year.
This was caused primarily by the Russian invasion of Ukraine. During the Budget 2022 presentation, the government lowered the Excise Tax on both gasoline and diesel from 20% to 10%.