Vaz: Government has absorbed $3.7 billion in potential fuel price increases since February

The Government, through the Petrojam pricing mechanism, has shielded Jamaican consumers and businesses from J$3.7 billion (more than US$23 million) in potential fuel price increases since February.

Energy, Transport and Telecommunications Minister, Daryl Vaz, who made the disclosure at Wednesday’s Post-Cabinet press briefing at Jamaica House, said that the intervention has helped cushion the impact on transportation, food prices and overall cost of living and doing business.

“While we have seen some easing [in petroleum prices] in recent weeks, international markets remain uncertain and global developments continue to influence the cost of fuel in Jamaica,” he pointed out.

The Energy Minister said Petrojam continues to be a critical national asset in navigating international market volatility.

“Jamaica's energy security remains intact supported by our refinery, substantial petroleum storage facilities and established supply arrangements,” he said.

Minister Vaz noted that while increased global oil production has contributed to recent price reductions, with prices expected to remain relatively stable through year-end, the shipping, insurance and logistics costs remain important factors.

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

- JIS

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