Gasoline import costs in Guyana jumped 38.5% from February 22 to March 17, 2026, amid global oil market disruption linked to the US–Iran conflict, the Guyana Energy Agency (GEA) has reported.
Speaking exclusively with OilNOW on March 31, Dr. Mahender Sharma, Chief Executive Officer of the agency, said, “In the context of recent international developments, the Agency has observed a notable increase in import costs. Specifically, the acquisition price of mogas [gasoline] has increased by as much as 38.52% between February 22nd and March 17th. This reflects the impact of global market dynamics, including high crude oil prices, global inventory constraints, and rising shipping-related costs.”
Global crude prices remain elevated amid concerns over supply through the Strait of Hormuz, a key route for about one-fifth of the world’s oil trade. Disruptions linked to the conflict have increased risk premiums, pushing benchmarks such as Brent above US$100 per barrel and driving up import costs.
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Sharma said Guyana’s continued reliance on imported refined fuels helps explain why domestic prices have risen even as crude exports grow.
“While Guyana is now a crude oil‑producing country, it does not currently refine crude oil into gasoline locally…As such, the country continues to rely on imported refined petroleum products. These imports are procured at prevailing international market prices, which means that domestic gasoline prices remain aligned with global benchmarks,” he said.
Sharma said projections indicate that “crude may stay above approximately US$95 per barrel…”
To shield local consumers from the impact of volatile global oil markets, the Guyana government has maintained a zero percent excise tax on fuel since 2022. This policy, reaffirmed in the 2026 Budget, provides partial relief to consumers facing the effects of international price fluctuations.
