Gas price to dip below $100 per litre at the pumps, energy ministry projects
The energy ministry is projecting that gas prices, at least for the 87 blend, will fall below $100 a litre in the coming week.
For the past two weeks, the state-owned refinery, Petrojam, has been selling gasolene below $90 a litre to marketing companies.
However, the price has hovered above the $100 mark at the pumps.
"This is inconsistent with the price declines even when the price mark-up has been factored into the retail price," an energy ministry spokesperson said in a release today.
"While the reduction of the cost of petrol by Petrojam is commendable, the apparent resistance of some players in the petroleum trade to pass on the benefits in a fulsome manner to the consumer is very troubling and frustrates the goodwill and transparency that must underpin business relationships in a market economy," the spokesperson said.
Meanwhile, energy minister Phillip Paulwell is urging consumers to continue to be vigilant.
"Exercise intense scrutiny in order to ensure that they reap the benefits of the continuing fall in oil prices," Paulwell said.
THE GLEANER MINUTE