GEORGETOWN, Guyana, CMC – The Guyana government has blamed rising global oil prices for the increase in fuel prices, even as the Irfaan Ali administration says it has been absorbing billions of dollars in a bid to cushion the population from the impact.

Finance Minister Dr Ashni Singh, addressing the recent increases in fuel prices, said that Guyana, despite being a crude oil producer, still imports refined fuel products from the international market and is therefore affected by fluctuations in global oil prices.

“As a result of global developments, the world market price for oil has been increasing in recent weeks and months,” Singh said, adding that the government has implemented several measures to protect consumers from the full impact of those increases.