Guyana is trying to negotiate for lower concessionary rates at which Venezuelan oil supplies can be accessed under the Caracas Energy Accord.

Prime Minister, Samuel Hinds, made this disclosure adding that the current rates on offer were judged to be too high based on the guidelines of the World Bank and the International Monetary Fund (IMF) which restrict Guyana from entering certain loan and credit agreements.

"We will be bringing this to the attention of the Venezuelans through diplomatic lines to see if some adjustments can be made to value it sufficiently concessional," Hinds told Stabroek News on Friday.

Under the Caracas Energy Accord, countries can purchase oil supplies on concessional terms. It complements the terms of the San Jose Agreement, through which Venezuela offers special financial conditions to signatory oil-buying countries.

The Accord will establish a scale of prices for setting preferential percentages for financing long-term, low-interest loans to each country, based on the amount of oil purchased.

The quantum of the loans will range from ten per cent to 25 per cent of the amount paid for the oil, depending on the prices paid, with a one-year grace period and repayments extending over 15 years.

Minister of Foreign Affairs, Rudy Insanally, in an outline of his ministry's plans for 2004 signalled that the Energy Accord would be one of the issues that would be high on the agenda in discussions with Venezuela.

Guyana was expected to begin accessing its oil supplies under the Energy Accord in January last year. However, a strike in the Venezuelan oil fields at the time affected the country's ability to access supplies.

Since then, Guyana has been accessing fuel supplies from Trinidad and Tobago. Gasoline is being purchased from Trinidad at US$44.76 per barrel, dieseline at US$44.7 per barrel and kerosene at US$43.15 per barrel, according to the Free on Board figures provided by the Guyana Energy Agency.