Guyanese motorists are about to feel more pressure at the pump as gas prices are being increased as a result of the global increase in oil prices.

SOL Service stations in Guyana today increased their prices to $246 per litre from $209.

In a statement, the company said it has been monitoring the impact of the rising global oil prices on the cost of imported fuel into Guyana.

According to SOL, since the end of January and in less than six weeks, the cost for a barrel of oil has increased by 44%.

The company said the price of imported fuel into Guyana is not insulated from the current world developments and it has no control over the worldwide dynamics. The company said it initially delayed the increase but the price for gasolene and diesel at the pump will be affected.

It was explained that while the 10% reduction in the excise tax by the Finance Minister back in January was meant to make the prices at the pump more affordable, the developments since then internationally including the war in Ukraine and shortages, have pushed prices to record levels.

The General Manager of Sol Guyana indicated that the company is committed to its customers, and will continue to monitor the global developments.

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