Guyoil cheapest as fuel prices spike

The Guyana Oil Company (Guyoil) is holding the line with its gas price despite crude oil reaching four-year highs.

As of this morning, the Guyoil location on Regent St was retailing gasoline for $230 per litre. This compares to advertised prices of $239 at Shell and $235 at Rubis locations.

Guyoil is also retailing diesel at $214 as compared to $233 at Shell and $227 at Rubis. Traditionally Guyoil has always maintained lower prices than the independent retailers so as to keep the market competitive.

And local prices for gasoline have not reached the highs of early 2015 when Guyoil was retailing at $263 per litre and diesel was at $260.

As an importer, Guyana has historically been vulnerable to oil price shocks. World prices have shot up in recent weeks mainly due to the withdrawal of the United States from the Iran nuclear deal.

Impending sanctions against the oil producer which had ramped up production since 2016 would mean one million barrels per day being taken off-world supplies. Brent crude oil topped $80 a barrel for the first time since 2014 in mid-May. (Department of Public Information)