Hike in gas, diesel prices expected as cost for imported fuel skyrockets – Sol

The ongoing war between Russia and Ukraine has shot up global oil prices and according to Sol, the cost for gasoline and diesel will be “affected shortly” until world prices for fuel stabilize.

In the interim, Sol – the Shell licensee and authorized distributor of Shell fuels in Guyana – said it is monitoring the impact of the rising global oil prices on the cost of imported fuel into Guyana, given the current global events.

In a statement on Tuesday, Sol said it has “no control” over the war and has delayed the transfer of the price increase thus far.

General Manager of Sol Guyana Earl Carribon said, “Sol is committed to our customers, and we will continue to monitor these unfortunate global developments.

“We recognize that these are adversely impacting the cost of providing fuel to our valued customers as well as the important role that fuel plays in our communities and businesses in Guyana. We are hopeful for the normalization of fuel costs in the shortest possible time,” he related.

Since the end of January, in less than a six-week period, the cost of the barrel of oil has increased 44 per cent. And the price of imported fuel into Guyana is not insulated from the current world developments.

The reduction in excise tax to 10 per cent by the Senior Minister of Finance Dr Ashni Singh in January 2022 was meant to make pump prices for gasoline and diesel products more affordable to customers. However, the ongoing war, supply dynamics, and shortages are surpassing its effect and pushing the price of oil toward record levels, Sol said.

The News Room visited a few gas stations in the capital city of Georgetown and gas prices stood at a staggering $246.0 per litre while diesel stood at $249.0 per litre.