Guyanese will from Thursday have to pay more for gasoline, diesel and kerosene, as a result of the impact of hurricanes on the oil industry, the Guyana Oil Company (GuyOil) said in a statement.
“Significant increase in acquisition cost at source has made these adjustments unavoidable. While speculations have been pointing to upward movements on the world market for petroleum products in 2017, the recent hurricane activities in the southern hemisphere has exacerbated the situation, forcing a spike in market prices,” the state-owned fuel importer and distributor said in a statement.
Global oil production fell by 8.8 percent due to hurricanes Harvey and Irma, and the Organisation of Petroleum Exporting Countries (OPEC) cut output. However, analysts expect the industry to recover by the end of September.
The company says gasoline says prices have moved upwards by $14.00, Kerosene by $10.00, ULSD Gasoil by $15.00 and Gasoil (LSD) by $6.00.
While there is no official price control system for fuel, GuyOil’s prices are usually used as a benchmark by other fuel companies to set their prices.
Guyoil said it maintained stable fuel prices since January 1st, 2017 despite fluctuations, “but unfortunately the present adjustment have become necessary.”
Guyoil says it is committed to continue to provide the Guyanese public with full supply of quality petroleum products at reasonable prices.