By Kevin Lindon
Caribbean Net News Guyana Correspondent
Email: kevin@caribbeannetnews.com

GEORGETOWN, Guyana:  Over the past three weeks the price for fuel has increased by about 200 Guyana dollars (US$0.98), after the state oil imported Guyana Oil Company (GUYOIL) face serious shortage of supplies.

Gasoline is being sold currently in Guyana at 1,000 Guyana dollars (US$4.89) a gallon, two hundred dollars more that last week.

Guyana Minister of Tourism, Industry and Commerce, Manniram Prashad. GINA Photo

According to a GUYOIL official, the price increase is a s a result of the a delay in the oil tanker from its port of loading.

The official adds too that the increase had to be imposed since there is a major shortage of fuel on the world market.

This has prompted operators in the public transportation sector to threaten an increase in fares, which engaged the attention of Guyana’s commerce minister Maniram Prashad.

Prashad met with member of the public transportation sector and disclosed that the government is working on several initiatives to ensure that fuel prices are kept low in order not to put more pressure on the public, who already are bearing the blunt of rising food prices.

Prashad says the administration is working on having maintaining a low price at the other fuel stations in Guyana, even it is means profit cust.

Already the Guyana government has removed the taxes from kerosene and diesel and reduced taxes on gasoline from 30 to 10 percent.

Meanwhile, crude oil prices have hit close to one hundred and twenty US dollars per barrel on the world market and are projected to rise even further during this year.