Tue | Jan 22, 2019

Why are Jamaican petrol prices so high?

Published:Thursday | December 24, 2015 | 12:00 AM


From 2011 to 2013, world oil prices were well over the US$100 mark - almost reaching $130 per barrel at one point. During this period, Jamaicans were paying up to about $130 for a litre of gas.

Fast-forward to 2015, oil prices have plummeted to about $36 per barrel. Yet, Jamaicans are currently paying about $110 per litre.

There have been some increases in the taxes on petrol. However, it still doesn't add up. At the height of the high oil prices, petrol averages about US$3.60 per gallon in some parts of the United States. Their price has dropped to as low as US$1.60 per gallon in some instances. That is a drop of over 50 per cent. Here in Jamaica, our pump price barely moved 15 per cent.

How on earth are we still paying more than $100 per litre for gas?

Petrojam, please publish the formula you use to calculate gas prices so we can check for ourselves.

Minister, please intervene! Lazy opposition spokesperson, please wake up!

Colin Wheeler