The Guyanese government last night announced that motorists will pay 20% less for gasoline and 15% less for diesel, effective today.
While the government's decision is only for fuels being sold by the state-owned Guyana Oil Company (GUYOIL), eventually other suppliers may reduce their prices.
In a statement issued Saturday night, Finance Minister Dr Ashni Singh said gasoline price would be reduced from 269 Guyana Dollars per litre to $215 per litre; and diesel prices from $265 per litre to $225 per litre.
Official figures show that during the first half of 2022, global oil prices surged more than 50%, increasing from US$77 per barrel at the end of December 2021 to US$120 in June of this year.
This was caused primarily by the Russian invasion of Ukraine.
During the Budget 2022 presentation, the government lowered the Excise Tax on both gasoline and diesel from 20% to 10%.
The price changes are expected to take effect this morning.