Guyana: President Ali Calls for Private Sector Support Amid Rising Fuel Prices

President Irfaan Ali has called on fuel importers and public transportation operators in Guyana to consider reducing their profit margins. This appeal comes as the government has absorbed billions of dollars in fuel-related costs, and Ali emphasizes the need for the private sector to assist in protecting consumers from increasing prices.

In a video shared on his official Facebook page, Ali highlighted the pressures stemming from rising international commodity and fuel prices, which he attributes to the ongoing U.S.-Iran conflict. He stated that addressing this situation cannot be the sole responsibility of the government and requires a collective response from fuel suppliers, transport operators, and other stakeholders.

Ali pointed out that his administration has taken significant steps to mitigate inflationary pressures, including the removal of the excise tax on imported refined petroleum products. This decision has reportedly cost the state over $100 billion annually and has benefited various users of refined fuel products, such as hire car drivers, speedboat operators, minibus operators, private vehicle owners, farmers, and businesses.

Despite these measures, Ali noted that consumers have not always experienced the full benefits of government interventions. He observed that while the state has absorbed the fuel tax burden, there has not been a corresponding reduction in transportation costs or taxi fares.

The President expressed concern that as the excise tax has already been reduced to zero, there is limited capacity for further reductions in response to international price hikes. He urged those who have benefited from the tax removal to demonstrate social responsibility.

Ali warned against fare increases that could further strain the public and erode consumer confidence. He stressed the importance of cooperation between the public and private sectors during this period of global volatility.

Looking to the future, Ali mentioned that Guyana is exploring long-term solutions to secure fuel supply and enhance price stability. The government is engaging with potential partners interested in investing in a refinery, which could help manage future fuel price fluctuations more effectively, especially as Guyana begins producing its own crude oil.

In summary, Ali’s message is clear: the government has already shouldered a significant portion of the burden, and it is now essential for fuel importers, suppliers, and transport operators to ensure that consumers do not bear the full impact of rising global prices.

Source: hgptv.com

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