Guyana’s President Mohamed Irfaan Ali has called on public transport operators and other service providers to avoid steep fare increases, warning that consumers should not be overburdened amid rising global fuel prices driven by geopolitical instability and disruptions in international supply routes.
In a statement Tuesday, the president said Guyana — despite being a major crude oil producer — remains exposed to global energy shocks because it still depends heavily on imported refined petroleum products.
He noted that the government has already spent significant sums to shield consumers from inflationary pressures, including the removal of excise tax on imported refined fuel products.
“You would recall that the Government of Guyana removed the excise tax on imported refined products to zero,” Ali said, adding that the measure has generated more than $100 billion in annual savings for consumers.
According to the president, the policy has reduced fuel costs by roughly $500 per gallon of diesel or gasoline, with direct benefits for minibus operators, taxi drivers, truckers, farmers and other businesses reliant on fuel.
He said, for example, minibuses operating in Georgetown and consuming more than 12 gallons of fuel daily would save about $6,000 per day under the current system.
Despite these interventions, Ali said there has been little evidence that transport fares were reduced when fuel prices previously declined, and he urged operators to demonstrate greater social responsibility during the current period of volatility.
“We expect that all of the operators will reduce their profit lines so as to mitigate that impact,” he said.
The government has also been subsidising fuel costs since March 2026, including through adjustments in the profitability of state-owned fuel supplier GUYOIL, in an effort to stabilize domestic prices.
Ali said the current pressure on fuel markets is not due to shortages in supply, but rather logistical and transport disruptions affecting global movement of petroleum products.
He also outlined longer-term plans to reduce vulnerability to external shocks, including upgrades to port infrastructure, dredging of the Demerara River to accommodate larger vessels, and efforts to attract investment in a domestic oil refinery.
The president said these initiatives are aimed at improving energy security, lowering freight costs, and strengthening long-term price stability.
He added that the government remains committed to using all available policy tools to cushion citizens from global economic pressures while building a more resilient energy and transport system.
