EX-REFINERY gasoline prices took a dive this week with octane 87 and 90 dropping by $4.10 per litre and diesel fuel by $3.20 per litre. The new prices became effective yesterday. Petrojam on Wednesday attributed the fall in prices to the prevailing global economic condition.

Petrojam general manager Winston Watson said that market reaction to the recent US downgrade softened demand for gasoline resulting in a drop in prices. In addition crude oil price also dropped, he said.

“Our pricing is consistent with this,” Watson said. “Our price reflects the same movement,” he emphasised.

Petrojam has recently been accused of using a convoluted method in calculating local gas prices, which is out of line with international price movement.

But two weeks ago in Auto, Watson defended the oil refinery’s method saying that it is was in fact in keeping with international price trends.

“This is what we have always been saying,” Watson asserted Wednesday.

Petrojam prices now have octane 87 at $97.01 per litre and 90 at $98.67 per litre with diesel falling to $102.36 per litre. In the meantime, motorists should expect significant downward movement at the pumps even with the obligatory mark-up by marketing companies and service stations respectively.