Georgetown: The Private Sector Commission (PSC) and the Guyana Manufacturing and Services Association (GMSA) have joined in welcoming Government’s much appreciated intervention in reducing the price of fuel.
The PSC, in a statement said it “wishes to express its appreciation to the Minister of Finance for his timely intervention in reducing the price of fuel by almost 30%”.
The Private Sector Commission said it had appealed for an adjustment in local prices at the pump as world market prices plunged and is grateful that its appeal was heard.
“This move will provide a significant boost to industry, especially our manufacturers, and comes at a time when the effect of weak commodity prices are impacting the economy,” the PSC said.
The Private Sector Commission said it is hopeful that the reduction in fuel prices will be passed on to the average consumer in the form of lower costs for transportation and other goods and services.
Meanwhile, the Guyana Manufacturing and Services Association (GMSA), in a statement last night, said it would like to applaud the Finance Minister’s decision to lower the price of fuel products.
The GMSA noted that it, too, has been calling on Government to put mechanisms in place that will lower the production costs for the manufacturing sector.
“The bold move to lower these costs following (yesterday’s) announcement is indicative that Government has been listening to our concerns and has taken appropriate measures to address our needs,” the GMSA stated.
To this end, the GMSA acknowledged that it is grateful for this timely intervention.
One of the most common problems faced by the manufacturing sector of Guyana is the high cost of energy to power large and small scale manufacturing operations. However, with the lowering of fuel prices, the manufacturing sector is now in a position to compensate for the heavy cost of the energy with the savings incurred by the reduction of fuel cost.
The GMSA looks forward to continued Government support via initiates such as the one now taken to reduce the cost of fuel to the manufacturing sector and public.
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