Guyana maintained the lowest gasoline prices among Caribbean Community (CARICOM) countries reviewed between July 2025 and May 2026, despite ongoing disruptions linked to the Strait of Hormuz.
According to a May 22 report from the Energy Chamber of Trinidad and Tobago, gasoline prices rose across most CARICOM markets during the period.
The data compiled from GlobalPetrolPrices.com showed the average gasoline price across the CARICOM markets increased by 6.9% during the period.
“The average gasoline price across the CARICOM markets reviewed rose from US$1.32 per liter in July 2025 to US$1.41 per liter in May 2026. This represents an increase of around 6.9%. By comparison, the global average in the dataset rose from US$1.19 per liter to US$1.45 per liter, an increase of around 21.8%,” the Chamber said.
The report linked pressure on fuel markets to the closure of the Strait of Hormuz.
“The situation has remained volatile, with oil prices reacting to renewed clashes near the Strait of Hormuz, ceasefire uncertainty, and market expectations around whether supply routes would remain disrupted or reopen fully,” the Chamber added.
The Chamber explained that higher crude prices eventually affect imported fuel costs across the Caribbean.
Guyana reportedly recorded the second-largest increase in gasoline prices among the CARICOM markets reviewed following the impact of the U.S.-Iran conflict. However, it still maintained the lowest retail gasoline prices in the region.
The price in Guyana moved from US$0.81 per liter to US$1.00 per liter, the Chamber reported, an increase of 23.5%.
Gasoline import costs in Guyana increased by 38.5% amid US–Iran conflict – energy agency | OilNOW
Haiti recorded the largest rise at 29.5%, increasing from US$1.13 per liter to US$1.46 per liter.
Among other CARICOM markets, Jamaica’s gasoline price rose by 16.8%, while Grenada increased by 13.1%, Belize by 11.6% and Suriname by 9.3%. Trinidad and Tobago’s gasoline price remained unchanged at US$1.14 per liter during the period.
Despite being a major crude oil exporter, Guyana still relies on imported refined fuels because it does not yet have domestic refining capacity to convert its crude into gasoline and diesel for local use.
Guyana Prime Minister says no need to panic as fuel cargoes arrive, more expected | OilNOW
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.
