Guyana records lowest gas prices in CARICOM at just US$0.81/Litre

Guyana: In a significant Caribbean wide achievement, Guyana has recorded the lowest gasoline prices among the CARICOM counties following data shared by the Energy Chamber of Trinidad and Tobago on the 31st of July. 

According to the Chamber’s analysis and figures drawn from globalpetrolprices.com, Guyana’s retail price stood at approximately US$0.81 per litre in July, marking Guyana as the country with the lowest gasoline price amongst the CARICOM countries in the second quarter of 2025. 

Meanwhile the global average price of gasoline worldwide is US$1.19 in the second quarter. 

Guyana has credited its gasoline prices affordability to the tax cuts the government implemented in 2022 when international oil prices rose throughout the world. Following the rise, the Guyana government removed all successive taxes on fuel imports resulting in gasoline being sold at 0% rate.

The stark variations in Guyana’s pump prices compared to the rest of the CARICOM countries have further been attributed to the differences in Guyana’s government policies on  taxation, subsidies, and price regulation frameworks.

Guyana was not the only CARICOM country offering below average prices, according to the gasoline prices of CARICOM, Trinidad and Tobago, Suriname, and Haiti also recorded low gasoline prices. 

With oil prices remaining below US$70 per litre, it is reported that Trinidad and Tobago has ranked third in the lowest gasoline prices in the Caribbean region as the twin island nation has maintained fixed retail prices through a state-controlled subsidy mechanism.

Meanwhile Barbados still remains the most expensive market in the CARICOM countries, as the country registered the highest price of gasoline, selling gasoline at approximately US$2.00 per litre. 

Following the gasoline price rise in May, Barbados' Finance Minister has continued to warn of price turbulence due to volatility in international trade and fuel acquisition.  

While the CARICOM data excluded countries such as Antigua and Barbuda, St. Kitts and Nevis, and St. Vincent and the Grenadines from data comparisons because they did not provide any data on their pumping prices, worldwide, Libya, Iran, and Venezuela recorded the lowest gasoline prices during the second quarter of 2025.

Notably, the three countries with the lowest prices worldwide have prices ranging from US$0.02 to US$0.03 per litre, while Hong Kong along European countries have recorded some of the highest prices. With Hong Kong recording  the highest price worldwide with gasoline selling at over US$3.50 per litre.