Guyana recorded the lowest gasoline price in the Caribbean region in July, well below the global average, according to data shared by the Energy Chamber of Trinidad and Tobago last Thursday.
The Chamber’s analysis, which drew on figures from globalpetrolprices.com, shows that gasoline in Guyana retailed at approximately US$0.81 per litre in July, compared to a global average of US$1.19 in the second quarter. At the other end of the spectrum, Barbados registered the highest price among CARICOM countries, close to US$2.00 per litre.
The Chamber attributed the stark variation in regional pump prices to differences in government policy, including taxation, subsidies, and price regulation frameworks.
Guyana’s relatively low prices are partly the result of successive tax cuts on fuel imports. The government eliminated the excise tax on gasoline in 2022, after international oil prices spiked, and has maintained the 0% rate. As global crude prices eased in 2025, the Guyanese market saw further relief, with local prices falling from US$1.03 to US$0.81 per litre in March, the Chamber noted.
Four CARICOM states, namely Guyana, Haiti, Trinidad and Tobago, and Suriname, recorded gasoline prices below the global average.
Trinidad and Tobago, which ranked third-lowest in the region, maintains fixed retail prices through a state-controlled subsidy mechanism. With oil prices hovering below US$70 per barrel, the Energy Chamber said the government’s subsidy exposure on gasoline has diminished, though support for diesel remains.
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Barbados, the most expensive market in the region, raised pump prices in May. Citing volatility in international trade and fuel acquisition, its finance minister warned of continued price turbulence, the Energy Chamber noted, citing a Barbados Today report.
The comparisons excluded countries for which no gasoline pricing data was available. These are Antigua and Barbuda, St. Kitts and Nevis, and St. Vincent and the Grenadines.
Globally, the lowest gasoline prices in the second quarter of 2025 were recorded in Libya, Iran, and Venezuela, with prices ranging from US$0.02 to US$0.03 per litre. The most expensive market was Hong Kong at over US$3.50 per litre, with European countries also among the highest.
