Yesterday, crude hovered around US$48 per barrel, compared to US$90 about a year ago. Several oil-producing countries, like Trinidad and Tobago and Venezuela, have already downgraded their growth rates. Analysts have been advising Government to pass the savings on so that the working class can have more disposable income. However, there has been no signal, particularly from the Guyana Power and Light (GPL), of moving in this direction. After complaining a number of years that fuel costs have skyrocketed, with consumers being asked to pay a hike in tariffs, it is unlikely any announcements for a reduction will come soon. Neither has the price for diesel gone down much. Diesel is one of the biggest expenses for miners who have been calling for relief after gold on the world market plummeted. Miners purchasing a barrel of diesel and paying $42,000 before the price drop will now pay around $37,000. And this is only because Government this week agreed to drop the 35 percent tax on diesel by 10 percent.
Posted on: Fri, 16 Jan 2015 17:03:02 +0000
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