KINGSTON, Jamaica — The Opposition Shadow Minister of Energy, Phillip Paulwell, says that the announcement today by PetroJam of a record-breaking increase on petroleum products, a day before the start of the Independence holidays, is unprecedented and unconscionable

At the same Paulwell is insisting that the Government removes the Hedge levy on oil to ease the pressure on motorists.

According to Paulwell, there is no need for the government to collect the Hedge levy because it “has long abandoned the hedge protection against oil price increases, which was implemented by the last People’s National Party administration to protect the nation in the event that oil price instability returned to the market, sending the cost of oil at the pumps to record high levels.”

He accused the government of being short-sighted in its approach to global issues and the movement of oil in the sector and has exposed the country to the unexpected shocks of increases per barrel of crude oil. He said as long as there is instability in the Gulf region and the unsettled conflicts among key oil producing countries, the price of oil will remain uncertain.