JAMAICA’S oil refinery Petrojam Limited is insisting that its pricing mechanisms are fair and transparent and has promised a full report on the methods it uses to determine fuel prices.

The state-owned company said in a statement last night that its pricing is based on internationally recognised practices.

The statement came after the Micro, Small and Medium Enterprises (MSME Alliance) raised concerns regarding Petrojam’s pricing and whether consumers were being overcharged for petroleum products.

Earlier this month, Opposition Spokesman for Industry, Commerce and Energy, Gregory Mair had also charged that there was no transparency in the price mechanism used by Petrojam.

“We acknowledge that the prices of petroleum products supplied by Petrojam are of acute interest to the public and other stakeholders,” the company said. “We wish to assure the public that Petrojam’s ex-refinery prices are indexed to the US Gulf Coast Reference Prices for finished products such as gasoline and diesel.”

Petrojam said movements in its prices have generally been in keeping with movements in these reference prices.