HGP Nightly News – President Irfaan Ali is urging fuel importers and public transportation operators to reduce their profit margins, saying the government has already absorbed billions of dollars in fuel-related costs and the private sector must now help protect consumers from rising prices.
In a video posted on his official Facebook page, the President said Guyana is facing renewed pressure from rising international commodity and fuel prices linked to the ongoing U.S.-Iran war. He said the situation cannot be handled by government alone and requires a national response involving fuel suppliers, transport operators, and other stakeholders.
Ali pointed to the removal of the excise tax on imported refined petroleum products as one of the major steps taken by his administration to shield the public from inflationary pressure.
According to the President, that decision has cost the state more than $100 billion annually. He said the measure benefited users of refined fuel products, including hire car drivers, speedboat operators, minibus operators, private vehicle owners, farmers, and businesses.
However, Ali said consumers have not always seen the full benefit of that government intervention. He noted that while the state absorbed the fuel tax burden, there was no corresponding reduction in taxi fares or other transportation costs.
The President said that when government carries such a major cost to keep prices stable, the benefit should eventually reach ordinary citizens.
He argued that Guyana is now in a difficult position because the excise tax has already been reduced to zero, leaving government with no further room to lower that tax in response to the latest international price increases.
Because of that, Ali said those who benefited from the tax removal must now show social responsibility.
He called on fuel importers and public transportation providers to reduce their profit lines so that the full impact of higher international prices is not passed directly to commuters and consumers.
The President warned that fare increases must not be allowed to place additional pressure on the public or weaken consumer confidence. He said this period of global volatility requires cooperation between the public and private sectors.
Ali said the government has already taken several steps to cushion citizens from external shocks, and it now expects private operators to act in a nationalistic manner.
Looking ahead, the President said Guyana is also exploring longer-term solutions to secure fuel supply and improve price stability. He said the country is engaging partners interested in investing in a refinery, which could help Guyana manage future fuel price shocks more effectively.
Ali said such an option would be important given that Guyana is now producing its own crude oil.
For now, the President’s message is that the government has already carried a major share of the burden, and fuel importers, suppliers, and transport operators must help ensure that consumers are not forced to carry the full weight of rising global prices.
