Latest update April 25th, 2024 12:59 AM
Feb 03, 2009 News
The price of gasoline at all Shell Gas Stations has now been increased by about $70 per gallon. Consumers will now have to pay $627 per gallon, instead of $557.
This increase kicked in since January 29, 2009, and according to General Manager of SOL, Ken Figaro, the company has been holding the price down for the past two weeks so as not to pass the burden down to its customers.
Figaro told Kaieteur News yesterday that the reason for the increase has to do with the fact that the acquisition cost of fuel has also increased. The new price is almost as high as the acquisition cost on January 16 last, but SOL held the price.
Yesterday, Mr Figaro said that his company has had to bite the bullet, although it recognizes that higher prices are not in the interest of anyone, not least among them the consumer.
When asked if there would be any further increases in the price, Figaro said it is hard to predict, given the fluctuating price for fuel on the world market.
In the meantime, the Guyana Oil Company (GUYOIL) is still holding its price down, and consumers are still paying $577 per gallon of gasoline.
Last year, persons were paying close to $1000 per gallon, as the international price for oil was at its all-time high of US$147 per barrel. The price eventually dropped to US$39 per barrel.
When there was a movement upwards in the world market price, Guyanese saw an almost instantaneous rise in prices at the pumps throughout the country.
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