Jamaicans Hit By 8 Per Cent Increase in Petrol Prices

Text of report by Caribbean Media Corporation news agency website on 18 August

Kingston, Jamaica: Jamaicans were slapped with an eight per cent increase in the price of gasoline Thursday [18 August] as record world market prices continued to trigger surges fuel and electricity prices across the Caribbean Community.

Thursday’s margin of increase is the highest for the year. Last week, gasoline prices were raised by 1.65 J [Jamaican] dollars (2 US cents) per litre.

Petrojam, the government’s oil refinery announced that the price of unleaded gasoline had moved to 43.98 J dollars (73 US cents) per litre for 87 octane gasoline and 45.43 J dollars (76 US cents) per litre for 90 octane gasoline.

The users of diesel oil were not spared a price hike and will be paying 31.02 J dollars (68 US cents) for a litre.

The prices released by Petrojam will be marked up by marketing companies and dealers, triggering higher prices at the pumps.

Since July 2004, motorists have been paying almost 40 per cent more for 87 octane and approximately 37 per cent more for the 90 octane gasoline.

The massive hike has been attributed to the high price of oil on the international market. US-traded crude oil opened slightly lower than the record 67 US dollars a barrel on 15 August. West Texas Intermediate, the US benchmark crude, traded Thursday at 63.25 US dollars per barrel, down 4.1 per cent over yesterday’s price. On the London market, Brent North Sea crude was also down by similar margin, trading at 62.49 US dollars per barrel.

In the last week, Antigua and Barbuda, Montserrat and Bahamas have raised their fuel prices, while consumers in St Lucia and Barbados were told to brace [themselves for] higher petrol and electricity bills.