The Guyana Oil Company (Guyoil) has reduced the cost of fuel at the pumps but it is not enough to reflect the continuous decline of global oil prices says Change Guyana presidential candidate, Robert Badal, who is also calling on the Guyana Power and Light Company (GPL) to give reductions to customers.
“For weeks now prices are now less than what it was weeks ago and up to now we have not seen any real reduction at the pump… it should be indexed to international market prices so that we have fair prices,” Badal said.
“All distribution companies can extend fair prices. When prices were going up, they increased the fuel costs every single week even though they didn’t buy at those prices. As an equal, while prices are now going down the same should be reflected,” he added.
Guyoil on Thursday announced a $1 reduction on products at two of its out-of-the-capital stations.
“Please be informed that effective 18th March, 2020, we have reduced the prices of our products. The reduction applies to both retail and wholesale prices. The price will vary by one dollar at our Heathburn location and by two dollars at our Adventure location,” a notice on the company’s Facebook stated.
The notice said that Guyoil’s MoGas Super 95 will be sold at $191 per litre wholesale and $201 retail. Ultra-low-sulfur diesel retail and wholesale costs would be $218 and $208 per litre respectively while kerosene prices would be $142 and $132.
According to Guyoil, its gasoil would retail at $196 per litre while wholesaling at $186. The company gave only a wholesale cost for fuel oil which it pegged at $115 per litre.
Badal said that even as governments all over the world are implementing policies and measures to cushion the economic effects of the COVID-19 pandemic on its population and have used the tumbling global oil prices to their benefit in lowering domestic costs, the APNU+AFC government has done nothing.
“The falling prices should be captalised on and we should feel those reductions. We should see a reduction in electricity rates also. My question is, who in the administration is looking out for the interest of ordinary Guyanese? Who in the government is watching to ensure that prices are reasonable?” he questioned.
“I mentioned before about the economic injustice to Guyanese where the government just sit back and allow us to be taken advantage of. That is the reason for our poverty and I’m calling on the government to be more proactive and put a system in place so that the prices we pay for fuel at the pump and electricity reflect world market price for fuel. I ask that they do so now. The price has come down from US$60 per barrel to $US$27 dollars and nothing of value to the people. The tendency of the cartel of distribution companies when prices are going up, even though their cost had been based on a lower price, was to continuously raise costs. Now that is going the other way, we are not hearing anything. Somebody is sleeping at the wheel,” he said.
