Georgetown: As world oil prices decrease, the Government has decided to also follow suit as gasoline will now be sold for $168 per liter, down from the current $174. Additionally, diesel will be sold for $199 per liter, down from the current $201.
Finance Minister Winston Jordan on Wednesday responded to the pleas of the citizenry and announced a reduction in the prices for gasoline and diesel the state-owned Guyoil.
Jordan made the announcement at the opening of Wednesday’s sitting of the National Assembly and said the reductions will take effect from Thursday, August 20.
He said “it is hoped that this reduction trends in the right direction will be passed onto consumer especially in light of reopening of school”.
He said this move is in keeping with other measures in the 2015 budget which he presented just over a week ago.
According to Jordan, the government will continue to look for ways to help the poor and vulnerable. While government has no control over privately own stations, it is hoped that these outlets will follow government’s lead and also reduce its prices.
Local prices have been determined by factors such as the cost, insurance and freight (CIF); by the world market price for refined fuel products, which in turn is termed by world market price for crude oil.
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