Last Updated on Friday, 11 March 2022, 18:47 by Denis Chabrol
Vice President Bharrat Jagdeo on Thursday ruled out an increase in electricity bills due to the rising cost of fuel, saying that government would step and subsidise the tariffs.
“We will keep the electricity prices the same way, and water prices, we would have to subsidise it to make sure that the impact is not felt by ordinary people,” he said at a panel discussion to mark the death anniversary of Dr. Cheddi Jagan, the Founder-Leader of the governing People’s Progressive Party (PPP).
Earlier this week, the State-owned Guyana Power and Light said that its operational expenses had spiked to GY$4.5 billion compared to GY$3 billion in revenues. With 3,700 barrels of fuel per day costing about GY$111.5 million, the power company described its financial health as “extremely challenging and unsustainable.”
Vice President Jagdeo cited the now two-year long COVID-19 pandemic and the Russia-Ukraine war as impacting on the cost of living. “With all the escalating prices now, we have been hit hard by cost of living but the world has been hit by this because of COVID and prices have gone up , now with the Russia-Ukrainian crisis where it probably even go up more,” he said.
Brent crude closed at around US$112 per barrel. The Guyana government has pegged its 2022 National Budget revenue and expenses at US$74 per barrel.