$3.7 billion in fuel price increases absorbed by gov’t since February – Vaz

Energy Minister Daryl Vaz says the Government has absorbed more than US$23 million, or approximately J$3.7 billion, in potential petroleum price increases since February to cushion the impact of global oil prices on Jamaican consumers and businesses.

Speaking at a post-Cabinet press briefing at Jamaica House on Wednesday, Vaz said the intervention was made through Petrojam’s pricing mechanism amid continued uncertainty in international oil markets.

Vaz said the intervention had a significant impact on transportation, food prices and the overall cost of living and doing business.

He noted that while international petroleum prices had eased in recent weeks, global developments continued to influence costs.

“Increased global oil production has contributed to the recent price reductions, with prices expected to remain relatively stable through year-end,” he said.

However, Vaz cautioned that shipping, insurance and logistics costs remained important factors that could influence petroleum prices.

He said Jamaica’s energy security remained intact, supported by the country’s refinery, substantial petroleum storage facilities and established supply arrangements.

“The Government will continue working with Petrojam and the Ministry of Finance and Public Service to manage these pressures and protect households and businesses, and consumers as far as possible from sudden fuel price increases,” he said.

Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.