GAS prices are to rise by the most in more than a year today, as the price of oil continued its see-saw ride on various geopolitical tensions while the Jamaican dollar lost value, also driving up prices.

Petrojam, in response, tagged a $4.35 increase to the price of E10-87 and a $4.37 increase to the price of E10-90 gasoline – the biggest hike in the price of both grades of fuel since they were increased by $4.50 on February 25, 2021. The increase pushed the fuel to record prices. Since the start of the year, the prices have gone up by $26 per litre or 16 per cent.

In notes attached to its price decision for the next week, Petrojam cites higher oil prices arising from the Russian/Ukraine war and storm damage to the Caspian Pipeline Consortium Black Sea’s facility as events which continue to impact the market. Those events are happening at the same time, Middle Eastern geopolitics also affected the market as the Houthi rebels attacked Saudi oil assets, which also contributed to supply constraints.

Benchmark US crude oil for May delivery rose $3.58 to $107.82 a barrel Wednesday. Brent crude for May delivery rose $3.22 to $113.45 a barrel.

As for the other petroleum products, automotive diesel oil and low sulphur diesel are costing $4.50 more. Kerosene is also up $4.50. At the same time, propane and butane will go for an additional $3.06.