Gasoline retailers have publicly expressed concern regarding rising oil prices and the potential negative impact a continued surge in the cost of fuel could have on the Jamaican economy.
Oil prices are now above US$70 per barrel and analysts are predicting an increase to $US87+ per barrel by late June.
President of the Jamaica Gasoline Retailers Association (JGRA) – Philip Chong is quoted by RJR as saying: “It cannot auger well for our industry, our commercial activities here.
“It will hamper our growth projections for the country and of course, high sale price will start a domino effect in increasing prices and that at this time when we are looking at a recovering economy cannot auger well for us”.
“As usual, sales are not affected as we just buy as we need. So the trend continues but it will be an increase in capital expenses from the dealers which will go on probably higher interest rates to us and added additional costs, something we can really do without at this time”.
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