With global prices for oil hovering at nearly US$100 per barrel due to the ongoing war in the Middle East, several local gas stations in Guyana have hiked their prices for fuel, with the exception of the state-owned Guyana Oil Company Limited (GUYOIL), which has assured consumers that there will be no increases.
On Wednesday, there were reports that vehicles were flocking to GUYOIL gas stations across the country to fuel up in an apparent fear of prices going up.
But in a statement on Wednesday evening, the state-owned company said it “…wishes to categorically state that there have been no increases in fuel prices for gasoline, diesel, kerosene, or ultra-low-sulphur diesel (ULSD) at any of its service stations across the country.” 
According to the oil company, prices remain the same at: $170 per litre of Gasoline; $168 per litre of Diesel; $155 per litre of Kerosene; and $190 per litre of ULSD in Georgetown and on the East Bank of Demerara (EBD).
GUYOIL, any reports suggesting otherwise are false, misleading, and malicious and should be disregarded. This comes on the heels of online reports which stated that fuel prices have skyrocketed.
“GUYOIL urges the public to disregard such claims and rely only on the company’s official prices. Misinformation circulated through unofficial sources can undermine public confidence and distort the facts surrounding issues of national importance,” the missive detailed.
The company went on to remind us that it is guided by a strict regulatory and compliance framework that ensures transparent pricing while safeguarding consumers from undue market volatility.
“As a state-owned company with a national mandate, GUYOIL continues to work closely with the relevant regulatory authorities to ensure that fuel supply and pricing across its network of service stations remain stable, fair, and consistent with national policy. GUYOIL remains committed to maintaining a reliable fuel supply and competitive pricing for motorists, businesses, and households across Guyana,” it noted.
Further, GUYOIL urges the public to rely on official statements issued by GUYOIL and other competent authorities for accurate information regarding fuel pricing and supply.
“Misinformation circulated through unofficial sources can undermine public confidence and distort the facts surrounding issues of national importance.”
Since March 2022, the Guyana Government has been actively subsidising fuel imports to block global price surges from being passed on to consumers. Another specific intervention to combat rising global prices was the reduction of excise tax on gasoline and diesel from 10 per cent to now zero per cent.
However, the recent United States-Israel war with Iran has resulted in world market prices for crude peaking over the last few weeks and reaching as much as almost US$120 per barrel on Monday as global fears continue over the conflict having lengthy disruptions to energy supplies from the Middle East.
Since the war began, traffic through the Strait of Hormuz – a narrow waterway through which oil from the Middle East, about a fifth of the world’s supply – has halted. Iran has threatened to bomb oil tankers passing through the major shipping route for oil produced by Gulf States, and according to international reports, the country has been laying mines in the Strait to target oil tankers. In fact, Iranian leaders have threatened to take oil prices to as much as US$200 a barrel.
Prior to the war in Iran, Brent was priced at around US$73 per barrel. By Monday, it went up to US$120 before dropping into the 80s on Tuesday but then soaring to over US$90 on Wednesday.
In order to curb the disruptions to oil flow in the Middle East, the International Energy Agency (IEA) on Wednesday released some 400 million barrels of crude from its members’ strategic reserves to stabilise global supply and prices.
Meanwhile, this surge in oil prices since the war began has been feeding through to pump prices in the US and the United Kingdom (UK).
The BBC reported that in the US, average petrol prices have risen above US$3.50 per gallon from about US$2.92 a month ago, while diesel had risen from US$3.66 to US$4.78 over the same period, according to the American Automobile Association.
In the UK, it was reported that average petrol prices have hit £1.3895 a litre, while diesel has hit £1.5512, having risen by £0.0612 and £0.1274 respectively since the end of last month, according to motoring firm the RAC.
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