By Antonio Dey | HGP Nightly News|
GEORGETOWN, GUYANA – Rising geopolitical tensions in the Middle East have sent shockwaves through global oil markets, leaving Guyana to grapple with a staggering 74.8% average increase in fuel import costs since the beginning of 2026.
The disclosure was made by Prime Minister Brigadier (Retired) Mark Phillips during the National Seminar on Energy Efficiency held on Friday. The Prime Minister characterized the trend as an “alarming” consequence of global instability, noting that the spike in acquisition costs has placed unprecedented pressure on the national economy.
A Breakdown of the Burden
The surge has not affected all fuel types equally, but the cumulative impact is significant for both the public and private sectors. According to data presented by the Prime Minister:
- Gasoline: Acquisition costs have risen by 62.4%.
- Diesel: Prices have seen a more modest, yet impactful, climb of 3%.
- Jet Fuel: The most volatile sector, recording a massive 102.6% increase.
These escalations translate directly into heightened operational expenses for national utilities, increased overhead for local businesses, and a rising cost of living for Guyanese households.
The Strategy for Resilience
In response to the volatility, Dr. Mahendar Sharma, Head of the Guyana Energy Agency (GEA), emphasized that energy efficiency is no longer an option but a cornerstone of the nation’s Low Carbon Development Strategy (LCDS).
“Improving energy efficiency is vital for national development,” Dr. Sharma stated, noting that reducing the country’s dependency on costly imports is essential for the long-term reliability of the power grid.
The seminar also highlighted international support for Guyana’s energy transition. The World Bank is currently prioritizing its Energy Efficiency (EE) Scale-Up Approach Paper, an initiative designed to help the government establish robust policies and innovative financing solutions. Furthermore, the Caribbean Efficient and Green-Energy Buildings (CEGEB) Project is set to bolster investments in green public infrastructure.
Collaborative Response
The high-level seminar featured contributions from Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, and Diletta Doretti, the World Bank Group Representative for Guyana and Suriname.
Both leaders underscored the need for a collaborative approach to mitigate the financial pressures imposed by external geopolitical dynamics. Experts agree that while the global market remains unpredictable, Guyana’s focus on sustainable energy and efficient consumption will be the primary defense against future price shocks.
