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Petroleum Corporation to hold forum to explain gas prices

Published:Thursday | January 22, 2015 | 8:43 AM
Petroleum Corporation of Jamaica. - File

The Petroleum Corporation of Jamaica (PCJ) is expected today to host a forum to provide an explanation on Petrojam’s pricing of petroleum products.

Today’s forum coincides with yesterday’s announcement that gas prices are to increase for the first time in weeks.

Yesterday, state-owned oil refinery Petrojam announced a 78¢ increase in gas prices with a litre of E-10 87 to sell for $89.68 today, while E-10 90 will sell for $91.33.

However, a litre of automotive diesel oil is set to move down by $1.38 to sell for $89.46 cents.

This is the first increase in gas prices since November 6 last year when Petrojam marketed 87-octane at $115.07 per litre, 90-octane at $113.57 per litre, and regular diesel for $113.57 per litre.

In a press advisory yesterday the PCJ said the forum on Petrojam’s pricing formula will be held at 10 o’clock at its Trafalgar Road offices.

PCJ chairman Christopher Cargill, group general manager Winston Watson, along with Petrojam’s general manager Michael Hewitt and state minister for science, technology, energy and mining, Julian Robinson are slated to attend.

The PCJ says these officials will explain the rationale behind Petrojam’s pricing formula and answer any questions on this crucial issue.

They will also seek to explain the expected and actual impact of declining international crude oil prices on the local petroleum trade.

Late last year president of the Private Sector Organisation of Jamaica William Mahfood took Petrojam to task, accusing the refinery of not passing on the full saving to consumers whenever prices fell on the international market, while hitting them with the full increases whenever fuel prices go up.

The PSOJ head remained dissatisfied even after a meeting with Petrojam executives aimed at clarifying the issues.


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