The Private Sector Commission (PSC) has expressed concern with the prices at which fuel is being retailed at gas stations across the country.
In a statement on Monday, the PSC said it remains concerned that fuel prices in Guyana are not reflective of the global trends where prices are low. It fears that the competitiveness of local manufactures, farmers and service providers will be lost if urgent action is not taken.
“With record lows in oil prices being translated into low prices at the pump in most countries, Guyanese consumers and manufacturers are still paying almost US$4.50 per gallon which is almost double the prices in some developed economies,” the PSC statement noted.
The Private Sector fears too that if these trends continue, imports will be cheaper on the local markets and certain local production will diminish whilst exports will be more expensive.
The Private Sector Commission called on the government to review the prices of fuel, in particular at the state owned Guyana Oil Company (GuyOil) and consider a reduction in electricity rates so that the benefit of the lower oil prices can provide relief to consumers who are suffering from reduced disposable income.
“At this time when the economy is still reeling from the effects of the elections-induced slowdown in 2015, lowering the cost of fuel and electricity would provide a much needed stimulus to the recovery of the sluggish economy,” the statement added.
In the latter half of 2015, Finance Minister Winston Jordan had announced two separate reductions in the price for fuel and diesel at all GuyOil stations. Gasoline is currently being retailed for $190 per liter at GuyOil and other private service stations across the country.