The Guyana Oil Company Limited (GUYOIL) has increased the cost of fuel, with the Ministry of Finance approving the updated retail prices.

A notice from the state-owned company said the cost of gasoline is now $258 per litre, up from around $220; diesel is now $318 per litre, up from around $276; Ultra-Low Sulfur Diesel (ULSD) is now $370 per litre, up from around $290, while kerosene is now $230 per litre, up from around $190.

The new prices have taken effect countrywide and come amid mounting pressure on global energy markets.

Global conflicts and disruptions to major oil-producing and shipping regions have tightened supplies and increased the cost of moving crude and refined petroleum products.

Higher shipping, insurance and transportation costs, along with concerns over potential supply shortages, have pushed international crude and refined-fuel prices higher.

Other service stations have also made adjustments to their fuel prices.