Fuel prices move upwards

Friday, August 03, 2018

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STATE-OWNED oil refinery Petrojam says that yesterday's increase in fuel prices is unrelated to any event in Jamaica.

The prices are adjusted weekly, and are based on the price at which the commodity is purchased on the international market, the refinery said.

The Petrojam management noted, however, that petrol prices have largely remained stable since the start of the year.

“The Government has no control over fuel prices. Petrojam sets fuel prices, which are set based on international fuel prices,” the refinery's general manager, Winston Watson, stated.

“This week's price increase is not the largest we have had. We had larger increases earlier this year, and prices later trended down and remained relatively stable. So market forces and movements will cause resultant moves in prices,” Watson added.

This week's movement was attributed primarily to two factors: international political issues; and, the annual high peak summer travel season across the world.

Watson also noted that the world market conditions will continue to determine the fuel prices in Jamaica.

“The movement in prices have nothing to do with any domestic issue affecting Petrojam. Jamaica does not produce oil, gas, petrol or its by-products and, therefore, we rely on purchasing the product from overseas which leaves the country exposed to overseas market forces to determine prices locally,” Watson pointed out.

Prior to yesterday, motorists and other consumers had been warned that they would be hit with big increases in the prices of gasoline, kerosene and all other petroleum products supplied by the refinery Petrojam, as of Thursday, August 2.

There was an increase of $2.60, pushing up the price of E-10 87 to $137.51 per litre, while a litre of E-10 90 was sold for $140.34. Automotive diesel oil moved up by $2.85 per litre to $136.53.

There is also a sharp movement in the price of kerosene, which went up by $4.08, making the cost of a litre of kerosene $119.09.

Propane cooking gas has also increased by $2.97 to $54.29, while butane will move up by $2.67 to sell for $62.31 per litre.

Retailers and marketing companies add their own respective mark-ups to the prices announced by the refinery.

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