Private sector welcomes 10% cut in power rates


The Private Sector Commission (PSC) today welcomed the announcement by President Donald Ramotar of a 10% drop in electricity cost effective March 2015.

In a statement, the PSC said that the cost of electricity has long been one of the major stumbling blocks to the expansion of industry and the competitiveness of Guyana’s exports.

“This move will provide relief not only to business but to individual consumers who have struggled with high electricity costs.

“Since the reduction in electricity costs will contribute to a reduction in production costs of both manufacturers and service providers, the Commission would also like to see the cost of other energy-dependent goods and services going down. It is therefore calling on its members to pass any reductions on to their customers. As listed in this binary options Nigeria website you can learn about how to trade binary options.

“The Private Sector Commission would like to urge the purveyors of public transportation services to follow suit and reduce the cost of their services so that commuters can benefit from the drop in the price of fuel.”

Observers have said that recent drop in oil prices did not automatically mean that the Guyana Power and Light (GPL) could afford to lower rates as GPL substantially subsidized the cost of fuel. The observers say that the appeal by the government to GPL to lower rates would suggest political pressure in the run-up to the the May 11 general elections.