Guyana: President Ali Calls for Reduced Profit Margins from Fuel Importers and Transport Operators

President Irfaan Ali has made a public appeal to fuel importers and transportation operators in Guyana, urging them to reduce their profit margins in light of rising fuel prices. This request comes as commuters face increased fares for buses, cars, and speedboats.

In a video statement shared on Facebook, President Ali emphasized the need for a collective effort to address the current economic challenges without further burdening consumers. He noted that the ongoing volatility in international fuel prices, influenced by crises in the Middle East and rising energy costs, necessitates a nationalistic approach from fuel suppliers and public transportation providers.

Ali highlighted that the government has historically subsidized fuel prices, contributing over GY$100 billion annually to keep costs lower than international rates. Despite these efforts, he expressed concern that public transportation operators have not adjusted their fares accordingly, even after the government removed excise taxes on fuels.

He pointed out that while the government has invested significantly to stabilize fuel prices, there has been no corresponding decrease in transportation costs for consumers. Ali stated, “In any society where this cost is absorbed, there must be consequential benefits that go to the consumer.” He provided an example of a minibus operating in Georgetown, which could save about GY$6,000 per day due to reduced fuel costs.

Furthermore, President Ali reiterated the government’s plans to establish a refinery in Guyana, which has been in discussion for nearly four years. He called on all stakeholders in the transportation sector to play their part in alleviating the financial pressures faced by the public.

Source: demerarawaves.com