Trading commissions to probe slow cut in petroleum prices
The Industry Minister Anthony Hylton has decried what he calls the slow pace of reduction in the local oil and petroleum sectors suggesting that it is an unfair practice.
Speaking in Kingston a short while ago at a function hosted by the Small Business Association, Hylton said he has asked the Consumer Affairs and the Fair Trading commissions to pay particular attention to the issue.
Over the past three-four months, world oil prices have been reducing, moving from in excess of US$110 a barrel to US$55.
But Hylton said oil dealers, petroleum marketers and companies like the Jamaica Public Service have been slow in passing on the reduced cost to local consumers.
"We have a creeping return," he said, noting that with the consistent reductions in the price for a barrel of oil, local industry players should accept that there is now a "new norm."
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