Guyana recorded the lowest gasoline price in the Caribbean region in July, well below the global average, according to data shared by the Energy Chamber of Trinidad and Tobago last Thursday.
The Chamber’s analysis, which drew on figures from globalpetrolprices.com, shows that gasoline in Guyana retailed at approximately US$0.81 per litre in July, compared to a global average of US$1.19 in the second quarter. At the other end of the spectrum, Barbados registered the highest price among CARICOM countries, close to US$2.00 per litre.
Four CARICOM states, namely Guyana, Haiti, Trinidad and Tobago, and Suriname, recorded gasoline prices below the global average.
The Chamber attributed the stark variation in regional pump prices to differences in government policy, including taxation, subsidies, and price regulation frameworks.
The comparisons excluded countries for which no gasoline pricing data was available. These are Antigua and Barbuda, St. Kitts and Nevis, and St. Vincent and the Grenadines.
Trinidad and Tobago, which ranked third lowest in the region, maintains fixed retail prices through a state-controlled subsidy mechanism. With oil prices hovering below US$70 per barrel, the Energy Chamber said the government’s subsidy exposure on gasoline has diminished, though support for diesel remains.
Barbados, the most expensive market in the region, raised pump prices in May. Citing volatility in international trade and fuel acquisition, its finance minister warned of continued price turbulence, the Energy Chamber noted, citing a Barbados Today report.
