After repeated petitions, the business community has welcomed the recent reduction in gasoline prices announced by the government.
Members of the business community had issued several calls for a reduction in fuel prices to reflect the plunging oil commodities prices on the world market and as a result they have expressed gratitude for the government’s recent decision to reduce the fuel prices at the state-owned GuyOil.
In a statement, the Private Sector Commission (PSC) said it is hopeful the reduction in fuel prices will be passed on to the consumers in the form of lower costs for transportation and other goods and services.
“This move will provide a significant boost to industry, especially our manufacturers, and comes at a time when the effect of weak commodity prices are affecting the economy,” it noted.
The Guyana Manufac-turing and Services Association (GMSA) also welcomed the reduction, while noting that it hopes the new prices bring local retail costs for fuel within range of current prices in North America, Europe and other developed countries.
At the same time, the GMSA noted that its primary concern remains the high cost of electricity, while adding that with the decision to lower gasoline prices it also anticipates a reduction in the electricity rate. “…it is our hope that the trickle-down effect of reduced fuel prices will manifest in the rates charged by the Guyana Power and Light (GPL) Company in the foreseeable future,” it said, while noting that over 60% of local manufacturers depend on the national grid as do providers of hospitality, health, air transport, shipping and other services.
“The GMSA anticipates that lower fuel prices could, in the medium to long term, enable local producers to market their products and services in the Caribbean and farther afield on a more competitive basis and to ultimately increase their market share,” it added.
Although it recognises the circumstances in the oil producing countries which brought about the lower prices remain fluid, the GMSA said it will continue to advocate for adjustments that should be made nationally for the benefit of the manufacturing and services sector.
Meanwhile, the Berbice Chamber of Commerce and Development Associa-tion (BCCDA) said the savings will certainly help to boost all other industries and bring much relief to the consumers, especially with their utility bills.
Further it issued a call to ensure savings are passed on to consumers in every business circle and for non-state fuel players to adjust their prices.
