Dear Editor,
“Guyana gasoline prices now lowest in the region” is a headline I read and couldn’t help but smile. I smiled because I was having a conversation with a close friend where I relayed that at one time it cost just over GY$8500 (approx. US$41) to fill my gas tank. As of recently, I often don’t pay a dollar over GY$5000 (US$24) to fill my gas tank. So basically, instead of spending GY$34,000 (US$163) a month on fuel, I now spend a mere GY$20,000 (US$96), saving GY$14,000 (US$67).
At today’s rate, that’s close to three full tanks of fuel. In other words, today, GY$34,000 (US$163) worth of fuel would give me close to two months of fuel compared to just one month. Saving GY$14,000 (US$67) a month goes a long way for me and if this trend continues, I could save about GY$168,000 (US$806) a year.
On face value, the headline might seem to be the usual propaganda. However, reading the article, I was reminded that excise tax on fuel is 0% and that it has been so since March 2022. This was a friendly reminder that a planted seed can one day grow into a towering Giant Sequoia. I am sure my experience at the gas pump is the same for the thousands of Guyanese.
From my point of view, the only way the government is able to have 0% tax is because they are able to subsidise this due to the increased revenue earned from oil production. Truth be told, this is how I want to see oil resources being used to give Guyanese more meaningful disposable income.
Most times when we hear about oil, we think we should see the money in our hands like we did with the cash grant. That mindset often has many of us not being able to see further than our noses and might be experiencing visual agnosia.
Marlon Williams
GY$208.50 = US$1 (Bank of Guyana transaction exchange rate)
