Gya: $500 a gallon for gas!

Motorists are back to watching the pumps after petrol prices tipped the $500 mark last week. It has taxi drivers and minibus operators pondering fare hikes once again.

Echoing the steep rise in price on the world market of crude oil, gasoline and diesel, prices soared during last week and service stations around the country reflected the trend.

Local outlets of Esso, Shell, Texaco and the state-owned Guyoil all had new prices, with gasoline ranging between $507 and $560 per gallon, while diesel ranged between $409 to $480.

"Anything that exceeds $550, we will have to jack up the price or ask the [Industry and Commerce] Minister [Manzoor Nadir] to lower the consumption tax again," says Compton Giddings of the Guyana Public Transportation Association (GPTA), who says that operators are now bracing the increases by strictly enforcing the fixed rates.

The exchange rate is $190.58 GD to $1 USD. So the cost is roughly $2.50 per gallon.