Less than one month after the government announced reductions in fuel prices, the prices for gas and diesel have increased at fuel stations across the country.
Over the past 24 hours, the Guyana Oil Company raised the price for gas from $695 per gallon to $795 per gallon. The price for diesel is also climbing back up to $775 per gallon from $694 per gallon.
Although the prices still remain under what was being charged in early January, many motorists were left surprised when they visited fuel stations on Tuesday afternoon and noticed the increases.
The privately owned SOL and Rubis service stations were the first to readjust their prices more than one week ago as the oil prices started to climb on the international market. Guyoil kept the low prices until Tuesday morning then the changes were made by Tuesday midday.
The local oil companies have been pressing the government to decrease the taxes attached to fuel so that consumers could enjoy the benefits of lower oil prices on the international market. While oil prices have been fluctuating on the international market, the Government of Guyana has kept the taxes attached to fuel imports in place.
Officials from one oil company explained to News Source that although the oil prices have been fluctuating, Guyana could have been enjoying low prices had the government not increased the taxes it has attached to the fuel imports.
Back in November, Finance Minister Ashni Singh announced an increase in the excise tax on gasoline from 20% to 40% while the excise tax on diesel was increased from 15% to 35%.
Those increases remain in place.
Filed: 3rd March 2015