Tue | Dec 6, 2016

PSOJ urges government to buy ahead to lock in fuel prices

Published:Thursday | February 5, 2015 | 10:21 AM

Debbie-Ann Wright, News Editor - Radio



KINGSTON, Jamaica:

The Private Sector Organisation (PSOJ) is urging the Government to enter forward purchase contracts for petroleum to lock in low fuel prices, in preparation for when gas prices again begin to soar.




President of the PSOJ William Mahfood says he has already formally made the proposal to the finance minister, Dr Peter Phillips for the forward buying of fuel over the next two years.



He says he was advised by Dr Phillips yesterday that a technical team is analysing the proposal.



Mahfood says this would allow the Government space for fiscal planning in a more stable environment up to the end of 2016.



Oil prices began increasing in mid January after months of decreases.



Information from the US Energy Information Administration says planned and unplanned petroleum refinery outages in the Midwest and Gulf Coast regions in January accounted for increases in gasolene spot prices and retail prices.



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