Jamaican oil refinery attributes petrol price hike to external forces

In Jamaica, the state-owned oil refinery, Petrojam, attributes the recent hike in the price petrol to external forces.

Following record high gas prices this week, Petrojam, in a statement on Thursday, sought to assure Jamaicans that the hike is not related to local matters.

According to Petrojam, the price of petrol is based on  the price of the commodity on the international market.

“The Government has no control over fuel prices. Petrojam sets fuel prices which are set, based on international fuel prices,” General Manager of Petrojam, Winston Watson said.

The price of gasoline went up by J$2.60 per litre on Thursday.

The latest increase has been described as the highest ever by the opposition People’s National Party’s spokesman on Energy, Phillip Paulwell.

However, Watson dismissed this claim. “We had larger increases earlier this year and prices later trended down and remained relatively stable. So market forces and movements will cause a resultant moves in prices,” Watson said.

The Petrojam general manager attributed the movement in prices this week primarily to international political issues and what he said was the annual high peak summer travel season across the world.