Petrojam Monitoring Middle East Conflict Amid Concerns Over Fuel Prices
Growing public concern over the potential impact of the ongoing tensions involving the United States, Israel and Iran on Jamaica’s fuel costs has been acknowledged by Petrojam, the island’s sole oil refinery and main supplier of refined petroleum products.
A statement issued by the refinery explained that ex-refinery prices for petroleum products that took effect on March 5 include adjustments affecting every category of fuel.
According to the company, recent fluctuations in the United States Gulf Coast (USGC) petroleum market have shown upward price movements amid continuing instability in the global energy sector.
Serving as the key pricing benchmark for Jamaica and the wider region, the USGC reference prices are used to guide the calculation of Petrojam’s ex-refinery fuel prices.
Based on the latest changes in those reference prices, transportation fuels for the current week reflected increases ranging from $8.45 cents to $12.66 cents per litre.
Despite the international price movement, the refinery noted that its pricing framework helped soften the effect of the increases.
Consequently, the full extent of the price hikes was not transferred to the refinery’s published ex-refinery prices.
Ongoing monitoring of shifts in USGC reference prices for finished petroleum products will continue, Petrojam indicated.
The refinery also explained that its pricing committee meets weekly to review the international market before setting local prices.
Members of this committee include Petrojam personnel as well as observers from the Office of Utilities Regulation and Jamaica’s Ministry of Finance and Ministry of Energy.
Each Wednesday at 9:30 a.m., the group convenes to determine the ex-refinery fuel prices that are released later the same day.
Meanwhile, Petrojam sought to assure Jamaicans that fuel availability across the island remains steady.
Normal inventory levels are currently being maintained at the refinery, the company said, ensuring supply stability despite global uncertainty.
As the country’s only refinery and a major fuel supplier to the local market, Petrojam said it continues to track international developments while working to meet Jamaica’s energy demands.
Drivers were also encouraged to adopt measures that could help reduce their fuel expenses.
Using the grade of gasoline recommended by vehicle manufacturers was highlighted as one way motorists can control costs.
In certain cases, the company noted that motorists may be able to opt for the more economical 87-octane gasoline where suitable.
Practicing efficient driving habits and better energy management can also help reduce the burden of rising fuel costs.
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