The government has announced that effective from February 1, 2016, the state owned oil company, Guyoil, will reduce the cost for gasolene to $170 per litre. Currently the price stands at $190 per litre.
The price for diesel will be reduced to $150 per litre from the current $161 and the price for a litre of kerosene will be reduced from the current $120 to $90.
The announcement will be made by Finance Minister Winston Jordan during his budget presentation.
There were several calls by the Private Sector Commission and the Opposition for there to be a reduction in the cost for fuel to reflect the falling price for oil on the international market. There have also been calls for a reduction in the electricity rate.
Minister Jordan will announce that “conscious of the need to provide incentives to the manufacturing sector, in order for it to become competitive, and, as a further measure to boost incomes of households, it is proposed to increase the rebate granted by the Guyana Power and Light Company from 10 percent to 15 percent, with effect from April 1, 2016”.
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