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Paulwell declares today ‘pump watch day’, meets with petrol marketing companies

Published:Thursday | December 18, 2014 | 8:00 AM
Phillip Paulwell - File

Energy Minister, Phillip Paulwell, says consumers of petrol should make today ‘pump watch day’ and scrutinise the cost of fuel at gas stations.



He made the call ahead of an emergency meeting today with petroleum marketing companies over concerns that local gas prices are not reflecting the massive fall in world prices.



Over the past three to four months, world oil prices have been falling, moving from in excess of US$110 a barrel to 55 US dollars per barrel.



Yesterday, Petrojam announced a three dollar cut in prices for all types of fuel.



The Energy Minister says consumers are to record the prices displayed at the petrol pumps and make sure that the reductions announced are reflected in the prices quoted at the filling stations.



He says consumers should use the information they record to inform the regulatory authorities and the media in order to expose those who are intent at profiteering at the expense of consumers.



Paulwell insists there is no need for an increase in the margins of the marketing companies and retailers.



And he says even in the absence of price controls, the consumer must not surrender to unfair practices.



Yesterday, the Industry Minister, Anthony Hylton, decried what he calls the slow pace of reduction in the local oil and petroleum sectors suggesting that it is an unfair practice.



Hylton said he has asked the Consumer Affairs and the Fair Trading commissions to pay particular attention to the issue.



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