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Sol drops fuel price at the pumps

Jan 24, 2015 News

Sol Petroleum Guyana has now lowered its fuel prices after realizing the impracticality and uncompetitive stance in not initiating on the 30 percent reduction imposed by Government.
According to Sol official, all Sol service stations yesterday began implementing new prices accordingly. The prices for gasoline, diesel and kerosene were down from $219.9 to $154.9; $217 to $156.9; and from $212 to $172 per litre respectively. Rubis gas station intends to follow suit with the reduction, so as to remain at a competitive level with the other fuel suppliers.
The prices at Guyoil are $695 per gallon for gasoline, $694 per gallon for diesel and $496 per gallon for kerosene which is equivalent to $152.9 per litre for gasoline, $152.7 per litre for diesel and $109 per litre for kerosene.
Members of the business community had issued several calls for a reduction in fuel prices to reflect the plunging oil commodities prices on the world market and as a result, they have expressed gratitude for the government’s recent decision to reduce the fuel prices at the state-owned GuyOil.
Local price has been determined by factors such as the cost, insurance and freight (CIF); determined by the world market price for refined fuel products, which in turn is termed by world market price for crude oil.  The Excise tax charged on fuel landing in Guyana and the profit margin charged by the oil companies and their retailers are also factors.
Fuel prices are at their lowest since 2009, almost six years ago. While excise tax was increased as world market prices dropped, the government further increased this tax given, that the acquisition price of the commodity continued to drop.

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