The state owned Guyana Oil Company (GuyOil) was expected to implement a 30 per cent reduction in fuel prices as of yesterday evening to reflect the dropping world market price of crude oil.
Minister of Finance Dr Ashni Singh said that by tomorrow, all GuyOil-branded petrol dealers will have implemented the new pricing scheme for gasoline, diesel and kerosene.
Singh said gasoline will be retailed for $695 per gallon, diesel will be retailed for $694 per gallon and kerosene, $496 per gallon compared to $995, $985 and $850 respectively. The government utilized a fluctuating excise tax rate to ensure that fuel prices remain stable locally.
He made the remarks at a press briefing held at the National Communications Network (NCN) yesterday.
Tackling the issue of fuel stock and reserves the finance minister