Oil-rich Guyana urged to swap crude for cheaper fuel

(Kaieteur News) – Guyana has cemented its position as the world’s fastest-growing economy, driven by its rapidly expanding oil sector. But despite pumping close to one million barrels of crude per day, structural bottlenecks are preventing this windfall from shielding its domestic market against stubborn inflation, driven by soaring fuel prices.

To address the situation the country currently finds itself in, an international energy analyst has suggested that Guyana explore an initiative that involves swapping its sweet light crude in exchange for refined fuels that can cushion the high prices burdening citizens in the oil rich nation.

Over the weekend, it was reported that the Guyana Oil Company Limited (GUYOIL) hiked fuel prices by 13%, taking the price of gasoline to $258 and diesel prices to $318 per litre.