-to protect consumers from rising fuel costs

-by Kimberly Giddings

Rising global oil prices are beginning to hit closer to home, with Guyanese already feeling the pressure at the pumps and in their daily expenses.

Chairman of the Private Sector Commission, Gerald Gouveia Jnr, says closer collaboration among businesses will be critical to helping shield consumers from rising costs.

The Private Sector Commission Chairman notes that Guyana, like the rest of the world, is facing a spike in oil and energy prices, a reality he says the country must prepare for.

Despite being an oil-producing nation, Guyana still imports refined fuel, meaning global price increases continue to drive up local costs. He added that government has already reduced or removed fuel taxes to bring some relief, but says the private sector also has a role to play in easing the burden.

“I think that the private sector, we need to look at ways that we could create effiencies in our own system and see how best we can brace for this shift in global pressure. So it is a global phenomenon that we’re dealing with here in Guyana and we just need to work together to make sure that we can pus through this challenge and come out on top,” he said.

With transportation and operating costs climbing, both households and small businesses could start feeling the strain. Gouveia says the response should be rooted in cooperation, not control, emphasizing that collective action is needed to navigate the shifting global supply landscape.

“In the mean time, from business community we could start thinking about downstream opportunities from our oil and gas including like what our president said about the refineries an looking into stores and distribution and options that may not be as depending on shifts in the meddle east fuel supplies,” he explained.

He is also encouraging stronger partnerships between large companies and small and medium-sized businesses, as well as greater focus on opportunities within Guyana’s growing oil and gas sector.

As fuel prices continue to trend upward, he says working together will be key to easing the impact on everyday Guyanese.